Saudis Set to Select Firms for Gas Projects
The Wall Street Journal, 05/14/01

Cheney task force seeks input from interest groups
Associated Press Newswires, 05/14/01

COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001

Bush energy team covers all the bases
Chicago Tribune, 05/14/01

QATAR: UAE's Dolphin may seek new partners if Enron exits.
Reuters English News Service, 05/14/01

UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
Reuters English News Service, 05/14/01

Saudi Oil Council To Meet Tue On Gas Projects -Sources
Dow Jones Energy Service, 05/14/01

RFID chip will help speed up business
The New Straits Times, 05/14/01

India: Godbole panel report may suggest MSEB bifurcation
Business Line, 05/14/01

Tertiary will be primary
Business Standard, 05/14/01
Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)
La Repubblica, 05/14/01
Roundabout to the Oval Office
The Washington Post, 05/14/01
Largest LNG 13 Conference Opens Today
Korea Times, 05/14/01

International
Saudis Set to Select Firms for Gas Projects
By Bhushan Bahree
Staff Reporter of The Wall Street Journal

05/14/2001
The Wall Street Journal
A16
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- After more than two years of talks, Saudi Arabia is about to
announce its choice of international oil companies for three huge natural-gas
projects that will mark a reopening of the kingdom's energy sector to Western
investment, a quarter century after it was nationalized.
But the announcement, and the signing of memorandums of understanding early
next month, will mark only the beginning of serious negotiations on terms for
the three ventures, which together will need investment of some $25 billion.
It will be months before final agreements are signed.
"We expect to have an agreement -- a final agreement -- signed somewhere at
the end of the year, or, hopefully, the first quarter of next year," said
Saudi Oil Minister Ali Naimi in an interview last week.
Saudi Arabia's 11-member Supreme Petroleum Council is expected to meet today
to endorse the companies recommended by a ministerial committee led by
Foreign Minister Prince Saud al-Faisal. In the following week, Saudi Arabia
is expected to communicate its decision to the oil companies from both sides
of the Atlantic that have been vying for a role in the three projects. By the
end of the month, the chosen consortium members and Saudi officials are
expected to agree on which three companies will lead the projects. This will
be a prestigious role in a country that is the world's largest oil exporter,
has more than a quarter of the world's oil reserves and has the fifth-largest
reserves of natural gas.
As with any negotiations for such huge projects, industry rumors abound. All
three so-called oil supermajors -- Exxon Mobil Corp., Royal Dutch/Shell Group
and BP PLC -- have been mentioned as project leaders, particularly for the
plum Ghawar project, named after the world's largest onshore oil field, whose
environs are expected to yield large volumes of gas. The Ghawar project,
known as Core Venture 1, is projected to require about $15 billion in
investment. Core Venture 2 is on the Red Sea coast. The third project is in
Shaybah, a recently developed oil field in the kingdom's Empty Quarter, a
southeastern region bordering the United Arab Emirates.
The companies say they have no idea who will be named to the consortia, or
who the Saudis will choose from a short list of 11 companies -- Exxon Mobil,
Shell, BP, Chevron Corp., TotalFinaElf SA, ENI SpA, Enron Corp., Occidental
Petroleum Corp., Marathon Oil Canada Inc., Conoco Inc. and Phillips Petroleum
Corp. -- to lead each project. But they all have their hopes.
"We would be very disappointed if we are not the lead operator" for the
Shaybah project, said Archie Dunham, Conoco's chairman and chief executive.
Since Saudi Crown Prince Abdullah invited major oil companies to return to
the kingdom in October 1998, negotiations have focused on such broad issues
as the scope of the projects and their integrated nature -- from exploration
and production of gas to the making of petrochemicals and electricity -- as
well as the notion that the companies will need adequate returns on their
investment.
Soon, the project leaders will have to start the bargaining on such issues as
the roles to be played by national champions Aramco and petrochemicals
company Saudi Basic Industries Corp.
---
Alexei Barrionuevo in Houston contributed to this article.
--- Population Pressure

Saudi Arabia is opening up its energy sector, in a bid to bolster the
economy as population grows

-- Population
21.3 million (growing over 3.5% per year)

-- Unemployment rate*
27%-35% of males

-- Real GDP Growth Rate
7.6%

-- Oil Production
9.3 million barrels per day

-- Natural-Gas Reserves
204.5 trillion cubic feet

-- Natural-Gas Production/Consumption
1.68 trillion cubic feet

*Unofficial estimate for 1999

Note: Figures are estimates for 2000 except natural-gas production,
which is for 1999

Source: U.S. Energy Information Administration

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Cheney task force seeks input from interest groups
By SHARON THEIMER
Associated Press Writer

05/14/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - The White House team developing a national energy plan has
met with more than 130 interest groups, from environmentalists and unions
often at odds with Republicans to major Bush supporters given private
sessions with Vice President Dick Cheney.
The vice president, Cabinet secretaries and others on a special task force
have solicited ideas behind closed doors, hoping the privacy would encourage
a free exchange of ideas.
The White House has declined to provide names of participants - even to
Congress.
But interviews with participants detail a massive outreach where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
Houston-based Enron is the world's top buyer and seller of natural gas and
electricity.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
about a dozen to 100 interest group members and a few task force members and
staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining their
priorities.
At a half-hour meeting in late March with White House strategist Karl Rove
and Bush economic adviser Larry Lindsey, nuclear energy executives tried to
make sure the two knew about the production records the industry has set over
the past few years. At one point, Rove asked if anyone was looking to build a
nuclear power plant. An executive with Exelon replied that his company was
thinking about it, meeting participants said.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and about 100 coal industry representatives in
late April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
martial this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying and that task force members were carefully instructed on what was
permissible under federal law.
Cheney's meetings included Enron, Edison Electric Institute, California
Republicans, and the senators from Nevada, home to the proposed Yucca
Mountain federal nuclear waste site. The vice president plans to meet with
the renewable-energy industry this week.
Enron ranked among Bush's top 10 presidential campaign contributors, giving
more than $110,000, and helped sponsor a $7 million party fund-raiser last
month.
The Edison Electric Institute gave Republican candidates more than two-thirds
of its $193,000 in contributions last year. Edison International, whose
holdings include the Southern California Edison electric utility, is also a
major donor, giving $535,000 to Republicans last year and $330,000 to
Democrats.
Enron spokesman Mark Palmer said Cheney met with Enron executives because the
power wholesaler is a respected member of the industry, not because it was a
contributor. Enron wants the administration's energy plan to ease electricity
transmission bottlenecks, give companies incentives to invest in new
transmission and make the wholesale power market as open as possible, he
said.
Tom Kuhn, the institute's president, said it is "totally ludicrous" to think
political donations played a role.
Cheney's meeting with Edison board members, held at the institute's
invitation, lasted 15 minutes to 20 minutes. Cheney spoke about the task
force process, Kuhn said. He said Cheney's remarks were consistent with the
vice president's public statements.
Edison wants to see new generation and transmission systems built, including
coal, natural gas and nuclear and hydroelectric power, Kuhn said.
Democrats in Congress sought a list of participants in the meetings, but
Cheney's office responded by only listing broad categories and no names. That
has left fodder for political attack.
"You can't just take advice from one interest group or set of interest groups
when you do these things," said Dave Albersworth of the Wilderness Society,
whose group has met with Lundquist but was denied its request to talk with
Cheney.
Weiss countered that the energy task force has collected information from
more than 130 groups since January in an "almost Herculean effort" to draw
input from all sides.
"People deserve the right to petition their government and not expect a full
laundry list of who's called to be announced," she said.
Enron spokesman Palmer said he is not seeking such privacy. "I'm happy to
tell people what we're advocating for. I'd rather be talking about policy
than about politics," he said.
---
On the Net:
White House Energy Task Force:
http://www.whitehouse.gov/news/usbudget/blueprint/bud10.html

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

		COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001
By DAVID BUCHAN

		The UK's listed small oil companies may have dwindled in number. But they can
rightly say, echoing Mark Twain's words, that reports of their collective
demise are exaggerated.
		Indeed, many in the UK-based exploration and production companies, dubbed
"independents" in the sense of being untied to any refining and marketing,
believe they have more of a role than when their kind first started operating
in the North Sea 30 years ago.
		After the takeovers in recent years of Lasmo, Monument and British Borneo,
there may only be about a dozen significant UK-based "independents" left. Yet
they amount to virtually the entire European E&P sector: the only significant
exception being Lundin Oil of Sweden.
		Many of the UK independents began life as local partners of US companies in
the 1970s when the Labour government of the period gave preference to
consortia with a local flavour.
		But this rationale disappeared when the Thatcher government took a more
free-for-all approach to letting anyone develop the North Sea - though at the
same time it did create the biggest UK independent by floating off British
Gas' oil interests as Enterprise Oil. Enterprise is the only UK independent
that is more than a niche or regional player. As such its E&P assets would be
a significant addition to an oil major, hence the persistently rumoured
interest in taking it over.
		As the North Sea became more competitive and difficult, some of the UK-based
independents began to look elsewhere. "Unlike US independents which have
always tended to be less interested in drilling outside North America, those
in the UK have always tended to be more sympathetic to exotic parts of the
world", says Mark Redway of Teather and Greenwood.
		Unfortunately, the obvious exotic new province that happened to open up in
the early 1990s was the former Soviet Union. One company, Ramco Energy,
dipped in and out very successfully, recently selling its 2 per cent stake in
the Azerbaijan International Oil Consortium for Dollars 150m (Pounds 104.8m).
		Other UK independents - Aminex, Soco and Dana Petroleum - ventured into
Russia and got stuck. While Aminex finds it hard to downplay Russia (because
it has little elsewhere), Soco these days stresses its Mongolia and Vietnam
operations. Another UK independent, JKX Oil & Gas, went into Ukraine, a
country notorious for non-payment of energy bills. With diplomatic help from
Tony Blair, the prime minister, JKX has just survived a legal attempt to rob
it of its Ukraine assets.
		Two other independents have sunk more fruitful roots in Asia. "Cairn Energy
now has as big a stake in Bangladesh's gas production as Shell, and it would
be left, if Enron (the US energy company) were to quit India, as the biggest
foreign player in India," says Iain Reid of UBS Warburg. Premier Oil is now a
substantial Asian gas company, with production in Burma, Indonesia and
Pakistan and long term contracts in Thailand and Singapore.
		But there are risks in these Asian ties. The obvious political one concerns
Burma. Last year the UK government asked Premier to quit Burma because its
presence was helping the military regime. Premier refused, and said it would
carry on.
		The other risk, according to Mr Redway, is economic and it applies also to
Cairn. Because there is no real world market for gas, Cairn and Premier are
"very dependent on the strength of the local economies". But then, Mr Redway
is an analyst who believes that independents' competitive edge lies in
exploration rather than production. He therefore rates Fusion Oil & Gas
highly as "the purest exploration investment opportunity in the E&P sector".
		Dana similarly vaunts its exploration expertise, but to a different end. Its
goal, according to Tom Cross, chief executive, is to find oil and then swap
exploration for production assets. "This avoids the expensive development
stage of building platforms and pipelines and so on". Then at the other end
of the spectrum are production-focused companies, such as Paladin, Tullow Oil
or Venture Production. Roy Franklin, Paladin's chief executive, makes no
bones about his company's scavenger strategy, spotting rich pickings
overlooked by the majors.
		The majors are not always ready to sell, particularly recently when the oil
price rise has widened the gap in price expectations between buyers and
sellers.
		But Paladin was last year able to buy PetroCanada's assets in Norway, and is
this year interested in bidding for some of what the Norwegian state is
selling off.
		As its name suggests, Venture Production, a private Aberdeen-based company
with North Sea and Trinidad operations, is focused on extraction, not
exploration. And so are other private companies such as Intrepid, Consort
Energy and Highland Energy, formed in the past three or four years. This new
generation of company tends to be more cautious than the older one.
"Exploration has probably been the best way to destroy shareholder value,"
says one executive.
		The other risk the new oilmen want to avoid is the vagaries of the stock
market. "By focusing on production, the new companies are more predictable in
terms of cash flow and earnings," says Mike Wagstaff, Venture's finance
director.
		Copyright: The Financial Times Limited

News
Bush energy team covers all the bases
Sharon Theimer, Associated Press

05/14/2001
Chicago Tribune
North Sports Final ; N
13
(Copyright 2001 by the Chicago Tribune)

The White House team developing a national energy plan has met with more than
130 interest groups, from environmentalists and unions often at odds with
Republicans to major Bush supporters.
Vice President Dick Cheney, Cabinet secretaries and others have solicited
ideas behind closed doors, hoping the privacy would encourage a free exchange
of ideas.
The White House has declined to provide names of participants even to
Congress.
But interviews with participants detail an outreach program where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
a dozen to 100 interest group members and a few task force members and staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining
priorities.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and 100 coal industry representatives in late
April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
marshal this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

QATAR: UAE's Dolphin may seek new partners if Enron exits.
By Kedar Sharma

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

DOHA, May 14 (Reuters) - Dolphin Energy Ltd (DEL) may invite new foreign
investors to join its project to route Qatari gas to the United Arab Emirates
as U.S. Enron Corp looks set to bow out, industry sources said on Monday.
"New partners are a possibility," Khaldoun al-Mubarak, project manager for
DEL, majority owned by the UAE's Offsets Group (UOG), told Reuters.
"But at the moment we are in the midst of finalising the formal (development
and production sharing) agreement with Qatar which should be done by
September at the latest."
Qatar and DEL in March signed a "commercial term sheet agreement" which
outlined the conditions of the upstream agreement for the long-awaited $3.5
billion project.
UOG currently owns 51 percent of DEL, with the remainder held equally by
France's TotalFinaElf and Enron.
"Enron is going through major global restructuring," Mubarak said. "(But)
they haven't officially notified us about their intention to pull out."
Enron officials declined comment.
Mubarak said interest in DEL was running high.
"Everyone is asking for a stake," he said.
The gas deal would entitle DEL to develop a tract of Qatar's giant North
Field and produce up to two billion cubic feet per day (cfd) of gas.
UOG is to invest $2 billion in developing the North Field tract, drilling and
setting up production facilities.
The remaining $1.5 billion would be invested to lay a pipeline and set up
receiving terminals at Dubai's Jebel Ali and Taweelah in Abu Dhabi.
First gas is targeted to reach the UAE capital Abu Dhabi by late 2004 or
early 2005. About one billion to 1.5 billion cfd of Qatari gas would be
consumed by utilities in Abu Dhabi with the remainder supplied to Dubai.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
By Peg Mackey

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

DUBAI, May 14 (Reuters) - Saudi Arabia's Supreme Petroleum Council (SPC) is
expected to meet on Tuesday and announce the oil majors chosen for its
multi-billion dollar gas investment opening, industry sources familiar with
the negotiations said on Monday.
The sources said the SPC is expected to name ExxonMobil and Royal Dutch/Shell
as lead players in three so-called core projects involving the kingdom's
upstream gas sector - off-limits to foreign oil firms since nationalisation
in 1975.
Signing of memoranda of understanding (MOUs) would most probably take place
in early June, the sources said.
The anticipated announcement would mark the biggest advance in the kingdom's
gas initiative, valued at an initial $25 billion, since Riyadh unveiled its
energy investment opening over two years ago.
But the hard work has yet to start on the opening of Saudi Arabia's gas
sector, the world's fourth biggest. "The fiscal regime and regulatory details
have not been developed," said one source.
FINAL CUT
Riyadh is expected to trim back its original shortlist of 11 potential
foreign investors revealed last summer. Those companies had been grouped
under three core venture consortia - South Ghawar, Red Sea and Shaybah.
For ExxonMobil and Royal Dutch/Shell, securing the lead role in Saudi
Arabia's core ventures would entitle them to operate the package and get the
biggest slice of the projects, analysts said.
Other industry sources said ExxonMobil, the world's biggest energy company,
was tipped for the top slot in core venture 1 (South Ghawar) as well as in
core venture 2 (Red Sea).
Royal Dutch/Shell was in pole position for core venture 3 (Shaybah), the
sources added.
Both oil supermajors already have significant foreign investment in the
kingdom and feature as top customers of Saudi oil, the analysts said.
ENERGY DRIVERS
An urgent need to create jobs and grow the economy are driving Saudi Arabia's
landmark energy opening.
And analysts said big oil companies were prepared to help the kingdom achieve
those aims even if the return on their investment was relatively low.
"Major oil companies just cannot miss this opportunity," a source said. "The
gas projects will show profits."
But just how much revenue oil companies will generate by selling water and
electricity in the Saudi domestic market remains to be seen.
On paper, at least, the kingdom's domestic gas sector looks set for
impressive growth.
Domestic gas demand, now running at about 3.4 billion cubic feet per day, is
forecast to grow at more than seven percent a year over the coming decade.
Saudi Arabia has meanwhile made clear that its prized oil sector, the world's
biggest, remains off limits.
Even so, oil companies still hold out hope for eventual involvement in oil,
the kingdom's lifeblood.
"The companies are just as happy with gas, but oil remains the ultimate
objective," a regional analyst said.
"Saudi Aramco is still putting up strong defence barriers, but eventually
they could open up the oil sector once they feel comfortable working with the
majors."
The Saudi gas initiative seeks foreign oil companies' help in developing the
kingdom's known gas reserves as well as investment in downstream projects fed
by gas supplies, such as power and desalination.
The following companies have been shortlisted for the gas projects:
Core venture 1 (South Ghawar Area) - ExxonMobil, Royal Dutch/Shell, BP ,
TotalFinaElf , Chevron and ENI .
Core venture 2 (Red Sea Area) - TotalFinaElf, ExxonMobil, Marathon , Enron
/Oxy , Conoco , Royal Dutch/Shell.
Core venture 3 (Shaybah Area) - Royal Dutch/Shell, ExxonMobil, Marathon,
Conoco, TotalFinaElf, Phillips and Enron/Oxy.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Saudi Oil Council To Meet Tue On Gas Projects -Sources

05/14/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI -(Dow Jones)- International oil companies vying for a stake in Saudi
Arabia's downstream gas projects, expect to be notified soon on whether they
have been selected to participate, industry sources in the kingdom said
Monday.
Saudi Arabia's Supreme Petroleum Council is set to meet Tuesday and shortly
after, announce its final selection for each of the three core ventures on
offer, the sources said.
The Saudi Arabian committee negotiating with international oil companies on
the Gas Initiative, submitted its proposals for consortium members and
leaders to the country's Ministerial Council in April. These were then passed
on to the SPC for final approval.
Saudi Arabia's Crown Prince Abdullah, who heads the SPC, is in Bahrain Monday
attending a Gulf Cooperation Council leaders' summit along with Saudi
Arabia's foreign minister, Saud Al Faisal, who heads the gas negotiating
committee.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and IOC's in the
past year, the following companies were shortlisted for each project.
Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil Corp. (XOM), Chevron
Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E) for Core Venture 1,
the $15 billion South Ghawar Area Development.
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were listed.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
listed.

With all those shortlisted expected to play some role, the immediate and
essential question for each of the IOC's is whether they will be selected to
lead and operate a project, with Core Venture 1 the most sought after,
industry sources said.
Exxon Mobil and Shell have been tipped as frontrunners for this venture.
The operator's role will be more crucial than ever here as it will be
responsible for directing further negotiations on the projects at hand which
will lead to final deals probably by year end.
Also, operators are expected to decide and direct how the project's
individual and large components will be developed, details the Saudis haven't
finalized, sources said.
The three ventures have been estimated at a combined value of about $25
billion.
-By Dyala Sabbagh, Dow Jones Newswires; 9714-331-4260;
dyala.sabbagh@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business
RFID chip will help speed up business

05/14/2001
The New Straits Times
Main/Lifestyle; 2*
26
(Copyright 2001)

THE combination of recently developed "stick-on" Radio Frequency
Identification (RFID) chip technology with a global positioning system (GSP)
will transform and quicken the pace of doing business in the oil and gas
industry.
And Malaysia must adapt to this shift to maintain her global positioning.
Global management and technology consultant Global Energy Strategy Practice
which is working in partnership with Accenture Sdn Bhd wants to promote this
idea locally.
Global Energy Strategy Practice partner Paul Spence said that applying this
latest combined technology, car owners can fill up a petrol tank without
resorting to human contact or to the use of a credit card.
Relevant personal data embedded in the RFID chip would be machine read and
the required quantity of petrol delivered, as if right out of a science
fiction movie.
This surreal development is made possible through the application of
ubiquitous-commerce (u-commerce) whereby computers and machines communicate
with each other to affect an impression of an omnipresent intelligence.
Such technology is economically available today. "There are technology
suppliers who are offering these capabilities."
The technology also has applications outside the oil and gas industry.
Communications between machines can now allow or deny access of individuals
to restricted zones.
In an interview in Petaling Jaya recently, Spence said: "A lot of my clients
now are asking, whether that same technology can be used to restrict access
into hazardous areas, plants or production sites.
"Can a warning alarm be fitted to the individual or to an assistant? There
are lots of safety, health and environment applications around that."
"Guru in the field" is another potential application where a combination of
RFID chips, video cameras, personal digital assistants (PDA) and personal
computers can deliver distant technical advice on- site.
"An industry client operating in the North Sea oil fields has a prototype
mounted on a workman's helmet which sends snap-shots to experts on the other
side of the world.
"The effect of this new combined technology on global financial and commodity
markets is to lock them in tighter correlation.
"The days of being able to arbitrage for profits between geographical markets
are shortening within the energy industry. Enron which is the biggest oil
trader in the US is now hedging on weather derivatives."
Accenture partner Lim Beng Choon said that to compete globally, the oil and
gas industry in Malaysia would have to implement this new technology to
remain connected to global markets.

Caption: Lim ... connected.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

India: Godbole panel report may suggest MSEB bifurcation

05/14/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 13. THE second part of the Dr Madhav Godbole committee report is
expected to be submitted to the State Government on May 15.
While the first part of the report recommended renegotiation of the power
purchase agreement with Enron's Dabhol Power Company, the second part is
expected to suggest bifurcation of the Maharashtra State Electricity Board,
sources said. The committee, which has been given the mandate to negotiate
with Enron officials to make DPC power more acceptable, had a marathon
meeting on May 11 to finalise the second half of the report.
"The committee has been considering the bifurcation of MSEB," a source said.
"The idea is to try and separate the distribution from generation and
transmission." While generation and transmission can be controlled by the
State, there may be a suggestion to privatise the distribution arm. Over 1.5
lakh MSEB employees had gone on a strike to oppose a Bill to unbundle the
board into three divisions - generation, transmission and distribution - due
to fear of privatisation.
MSEB, the State's leading power company, has been facing huge losses due to
delay in payments and theft of power. The second part of the report is
expected to address the problem in detail.
Part one of the report submitted on April 10 had said: "...none of the
solutions espoused for independent power producers, in general, and DPC, in
particular, is tenable without the reforms of MSEB, especially its
distribution business, which it shall address in part II of the report."
The report is expected to "suggest appropriate measures to ensure that the
interests of the State, MSEB and electricity consumers of the State of
Maharashtra are properly and adequately considered, evaluated and
safeguarded," according to the terms of reference laid down when forming the
committee.
The committee originally consisted of Dr Madhav Godbole, Mr Deepak Parekh, Dr
E.A.S. Sarma, Dr Rajendra Pachauri and the State Energy Secretary, Mr Vinay
Mohan Lal. The MSEB Chairman, Mr Vinay Bansal, has been inducted as part of
the panel after the submission of the first part and before the beginning of
negotiations with Enron.
Archana Chaudhary

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

The Smart Investor
Tertiary will be primary
Indira Vergis

05/14/2001
Business Standard
2
Copyright (c) Business Standard

These are volatile times for world business. There are increasing jitters
that a slowing US economy could dampen prospects for the global economies.
Many developing regions, especially in Asia, are bracing themselves for a
bout of slightly lower growth.
But two countries, India and China which together account for about half the
region's gross domestic product (GDP_ will still continue to see their GDP
grow at six per cent, forecasts the Asian Development Bank.
Many Indian economists agree with ADB's projections. In fact, they view the
prediction of a six per cent growth in India's GDP as benign. Nearly 54 per
cent of India's GDP is delivered by its services sector and a modest
performance by this sector, some economists say, will be enough to hold up
the GDP at six per cent. There are others who hope that better agricultural
performance could prompt the economy to hand in a better scorecard.
However, the Indian industry remains trapped in the doldrums, suffering from
a lack of consumer confidence and investments. Very few economists expect to
see signs of recovery sprouting any time soon.
An interest rate cut is considered vital by many to energise the sector. And,
they argue, there are certain economic indicators that encourage such a move.
Inflation is running at very low levels and the nation's foreign exchange
reserves are currently high enough to provide a strong defence to the Indian
currency. Surprisingly, our trade balance, which threatened to spiral out of
control by surging oil prices last year, has been contained. Since then, oil
prices have retreated and are expected to remain subdued. While a rate cut
may go some way in reviving sentiment and activity in the industrial sector,
stirring up consumer demand will still hinge on a normal monsoon.
Rain, rain, come again
For many economists, the prediction of India clinging to its current GDP
level is heavily contingent on a normal spell of monsoon this year.
"According to our assessment, we believe the Indian economy will grow by
around 6.5 per cent this fiscal year," says Chetan Ahya, vice president at J
M Morgan Stanley Securities.
In 2000-01, agricultural growth withered under a poor monsoon and a
subsequent drought in many parts of the country. For the second year in a
row, growth in the sector sank below one per cent. It stood at 0.9 per cent
compared with 0.7 per cent the previous year. While agriculture accounts for
only 24 per cent of GDP, it remains the most keenly-watched sector by
economists. "The performance of the agricultural sector is important because
of its linkages to the economy both on the supply side and on the consumption
side," says Mohan Nagarajan, chief economist at Credit Analysis and Research
Ltd (CARE). "It would lead to a better performance of agro-based industries,"
he adds.
More significantly, roughly 60 per cent of Indians still depend on
agriculture for their livelihood. "A good crop means that demand for
everything, from everyday use goods like toothpaste to larger items like
tractors will pick up," says Nagarajan. Economists are hoping that a good
monsoon will budge growth in the sector to around 1.5 to 2.5 per cent.
In service of the economy
Another key sector economists will be watching out for will be services.
India's services sector ranging from finance, insurance, hospitality to
transportation and communication slowed its pace in 2000-01. With growth
weakening by a whole per cent to 8.4 in 2000-01, sluggishness in this
important sector has been blamed for dragging down the overall GDP. Most
economists expect the sector to post either relatively flat growth or edge
slightly higher this year. But, it's performance will be vital to ensure that
overall GDP holds at six per cent. "Even if the agriculture and industry
numbers fall again but services sees even seven to eight per cent growth, it
will be enough to keep the GDP around six per cent," says Nagarajan.
Construction activity a services component that includes housing, roads and
other infrastructure projects demonstrated surprisingly good growth of 8.7
per cent and is expected to maintain the pace. Road construction is tipped to
show increasing levels of activity as work on the ambitious highway linking
Mumbai, Delhi, Chennai and Calcutta intensifies.
Chiming in will be the housing industry, benefiting in recent years from tax
reliefs and attractive financing schemes, and which have encouraged more
people to buy houses.
Another segment slated to witness good growth will be IT-enabled services,
says Morgan Stanley's Ahya. "We are emerging as the services workshop of the
world," he says. IT-enabled services like call centres and data processing,
though currently generating tiny revenues, are slated to turn into big money
spinners in the years ahead.
The telecommunications industry will also see improving levels of investment.
"The penetration of services is so low, that it has an intrinsic high growth
rate," says Ahya. For a taste of the market, consider this: out of the 100
Indians, only one uses the Internet and less than three own a telephone.
A good home show
And there could be a pleasant surprise in store for industry amid all the
gloom over its performance.
Adequate liquidity conditions are spurring expectations of a cut in interest
rates. Broad money(M3) a gauge of total money available in the economy
increased 16.2 per cent in 2000-01 against 14.6 per cent last year.
While the Reserve Bank of India had cut the bank rate in March, the belief is
that a further cut of 50 basis points is imminent. The bank rate the rate at
which the central bank lends to commercial banks currently stands at seven
per cent. Aiding the cause is the inflation data which shows the wholesale
price index at a tame 5.84 per cent. With economists betting that oil prices
will remain in the $24-28 a barrel range, inflation is not expected to
exhibit the oil price-inspired gyrations of last year. A cut could coax the
industry to step up activity, though admittedly, much would still depend on
rural demand.
Neighbours' envy
And while many Asian countries watch with increasing nervousness the impact
of an American downturn on their economies, India and China can afford to
remain relatively placid about global developments. That's because they are
less dependent on the US for their own economic health. That is expected to
shield them somewhat from being blown off-course like some other Asian
nations by the ill-wind of an American slump in demand.
With exports making up less than 10 per cent of India's GDP, its economy is
clearly not export-driven. In contrast, nearly 35 per cent of Indonesia's GDP
comes from exports, 57 per cent for Thailand, and 50 per cent for the
Philippines.
Yet, despite claiming only a small percentage of GDP, India's exports
remained a bright spot amid some gloomy economic data. Exports raced ahead 20
per cent to $44.1 billion in 2000-01. It was the second consecutive year of
good exports growth. On the flip side, imports rose, too, during the same
period to Rs $49.1 billion. But non-oil imports, however, declined 15 per
cent to $34.2 billion. That helped narrow the trade gap to $5.74 billion from
$12.79 billion the previous year.
Still, India can ill-afford to ignore completely the risks of an American
slump in demand. The US is India's largest trading partner and, in 2000-01, a
quarter of its exports headed to that nation. Besides, by taking in nearly 70
per cent of India's software exports, it is also India's most important
software exports destination.
Booming software exports accompanied by remittances by Indians living
overseas have been the primary factors exerting a calming influence on
India's balance of payments of position, especially in times of economic
turbulence. For example, last year, while a surging oil import bill
threatened to rattle the nation's trade gap, inflows from
invisibles(including income from software and Indians living abroad) came to
the rescue helping India limit its overall current account deficit.
It's a sobering realisation that has compelled the National Association of
Software and Service Companies(NASSCOM) to lower its exports forecast to
between $8.5 billion to $9 billion from its previous figure of $9.5 billion.
Earlier, it had also revised estimates for 2000-01 lower to $6.2 billion from
$6.3 billion. Still, observers say it isn't a cause for depression.
"They are still talking about growth. It is a decline in the growth rate and
not an actual downturn itself," points out John Band, chief executive
officer, ASK-Raymond James and Associates. And remittances look set to
maintain their pace as well. "Most remittances are still from Indians who
live in the Middle East, and I don't see any slowdown from this segment,"
says CARE's Nagarajan. Remittances totalled $9.8 billion in the nine months
to December 2000. Software exports brought in $4.6 billion during the same
period.
Foreign institutions support
Another recent 'feel-good' sign has been evident in the stock markets too.
Between January and April 2001, eigners poured in Rs 7,368 crore into India's
equity markets - a phenomenal 15 per cent more than what they invested in the
whole of calendar 2000.
Yet, experts aren't reading too much into it. In the past few months,
investors have been fleeing from a shower of profit warnings in the US and
seeking cover in alternative investments. As they rejuggle their portfolios,
some money will inevitably flow into India and other countries, experts say.
Because it isn't affected so much by what's happening externally, they see
India as some kind of a safe haven," says ASK's Band.
Yet some hesitation
Recently, gunning for more foreign direct investments (FDI), the government
opened more sectors for foreign and private participation, including
pharmaceuticals, hotels, banking and astonishingly, even defence. However,
tempting FDI has always been a vexing issue for India.
In 2000-01, FDI did improve slightly, moving 26 per cent higher than the
previous year to $2.4 billion. Yet, China a market India is frequently
compared with in terms of size and potential attracted 20 times more FDI in
the same period. Economists now shrug off FDI as a tool to kick-start
investment in the country. "It's a pittance and it probably will remain
stagnant," says an economist at a foreign research house.
The reasons are not hard to find. Foreigners seeking to invest in India have
many fences to cross. Frequent changes in sector policies, chaotic
infrastructure facilities and nightmarish bureaucratic redtape have often
left foreigners tired and wary of doing business in India.
The stress of investing in India is most clearly visible in the recurring
concerns that have stubbornly dogged US energy giant Enron's 2,148 MW power
project in Dabhol in Maharashtra. After being forced to renegotiate a power
supply deal in 1995 after concluding it in 1992, Enron has hit the headlines
once again.
This time, an almost bankrupt state electricity board (SEB) refuses to pay
its dues for power received and the state government refuses to honour its
commitment to pay in case the SEB defaults.It's led to intense speculation
that, after suffering repeated snags for nearly a decade, Enron might simply
pull out of the project altogether. A disturbing turn of events, since, till
recently, Enron Corp was the biggest foreign investor in India.
It will not be the first time that exasperation will have egged on a foreign
investor to pull out of a project. Earlier, US-based Cogentrix Energy had
also walked out of its $1.5 billion 1,000 MW Mangalore power project citing
endless bureaucratic hurdles.
And there has also been some disappointment over India's much-hyped 300
million middle class which was supposed to be growing rapidly. Many
international firms, inspired by this figure, had scrambled to set up
operations to conquer a huge chunk of this market. Now many are struggling to
break even and still learning to adapt to local tastes a key ingredient for
success. That's why despite all its attempts to open up various sectors,
India still remains a tough sell.
Outlook
With a little help from the rains, India could notch up a growth rate of six
per cent. Many economists have also pointed out that a reforms-studded budget
could also inject some enthusiasm in the patient that is the economy. Strong
measures include plans to reform labour laws and government employment. These
are expected to boost the economy's development, though in the long run.
The recent opening up of various sectors could also revive sentiment,
although whether this will translate into FDI flows is arguable. Still, every
bit helps. The fact remains that it will have to persist in trying to
accelerate the pace of growth if its ambitions of turning into an economic
powerhouse are to be realised. After all, for the second most populous nation
in the world with one of the biggest markets, its economic power is still
nowhere near the figure its size suggests.

Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)

05/14/2001
La Repubblica
41
Copyright (C) 2001 Abstracted from La Repubblica in Italian; Source: World
Reporter (TM)

Italian brokers Rasfin SIM have indicated the potential for growth in the
shares of Acegas, the former municipal utility of the Italian city of
Trieste. Acegas closed the first quarter of this year with turnover of L137bn
(+45 per cent). Results attributed in part to the start of production of
Estenergy, a consortium of the utilities of Udine, Trieste, Gorizia and Enron
of the US, which supplies energy and services to parts of Friuli.
Also significant, according to Rasfin, were investments over the period,
which totalled L43bn.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

A Section
IN THE LOOP Al Kamen
Roundabout to the Oval Office
Al Kamen

05/14/2001
The Washington Post
FINAL
A19
Copyright 2001, The Washington Post Co. All Rights Reserved

Sometimes even Cabinet officers can lose their way in the White House. So
there was Health and Human Services Secretary Tommy G. Thompson, clearly lost
Friday at a fork in a corridor near White House spokesman Ari Fleischer's
office.
"How do you get to the Oval Office?" he asked a group of reporters and was
directed to the right door, according to a wire report.
Fleischer, though, told reporters that was the wrong answer.
"How do you get to the Oval Office? First you win the Iowa caucus, then you
lose the New Hampshire primary, then you make a comeback in South Carolina,"
he quipped as he recalled President Bush's early primary campaign last year.
Passport, Please
Meanwhile, folks at Thompson's HHS may be taking to calling him "Tightwad
Tommy." Seems a memo went out March 15 undermining Alaska and Hawaii's claims
to be part of the United States.
Employees "must clear . . . international travel" with the office of the
deputy chief of staff for operations, said the memo from the deputy chief, Ed
Sontag. To clarify, "HHS employees seeking to travel outside the continental
U.S." for meetings and conferences, must get permission and then file trip
reports within two weeks.
This sent officials calling around, asking whether trips to those states were
to go through the international travel approval system just as if they were
going to Russia or the Congo.
Apparently so. The edict would appear to include even the nearby Virgin
Islands and practically next-door Puerto Rico as well. Loop Fans can only
hope this outrage doesn't spread to other agencies. It would make for some
cold winters.
Chewing Out on the Bush Beat
Speaking of Fleischer, the usually affable spokesman is not reluctant to get
tough with reporters when he believes they've stepped out of line.
Sheriff Fleischer was on duty Thursday and upset with Houston Chronicle
reporter Bennett Roth. Bush that morning urged parents to talk more to their
kids about the dangers of drugs.
Roth, at Fleischer's daily briefing, asked: "Ari, the president talked about
parental involvement today. How much has he talked to his own daughters about
both drugs and drinking? And given the fact that his own daughter was cited
for underage drinking, isn't that a sign that there's only so much effect
that a parent can have on their children's behavior?"
Fleischer responded brusquely: "No, I think, frankly, there are some issues
where I think it's very important for you all in the press corps to recognize
that he is the president of the United States; he's also a father. And the
press corps has been very respectful in the past of treating family matters
with privacy, and I'm certain that you're going to do so again. I hope so."
Fleischer later called Roth to chastise him, telling him his question had
been "noted in the building."
Competing to Oversee the Corps
Former Mississippi representative Mike Parker, a Democrat-turned-Republican
who lost a gubernatorial bid a couple of years back, had been seen as the
pick to be assistant secretary of the Army for civil works, overseeing the
Army Corps of Engineers.
Parker, a former undertaker, had support from the barge industry, the various
corps constituencies and fellow Mississippian Trent Lott, the majority leader
of the Senate.
But the Pentagon's choice was Lawrence Izzo, recently retired president of
Enron Engineering and Construction Co. who has been in the mix for several
jobs. Izzo, a West Point grad, had 23 years at the Corps before going to
Enron, former home of Army secretary-designate Thomas White.
The majority leader was said to be most unhappy. The latest word is Parker's
getting the job.
Ex-Reporters Move On
Kenneth J. Klein, a former reporter who has worked for 17 years for Florida
Sen. Bob Graham (D), most recently as chief of staff, is joining the Outdoor
Advertising Association of America as executive vice president for government
relations.
Former Washington Post colleague Thomas W. Lippman, a 33-year national,
foreign and financial reporter and author who became vice president of
communications at the World Wildlife Fund in 1999, is moving next month to be
managing director at communications consulting firm Chlopak, Leonard,
Schechter & Associates.
Confirmation Countdown
Staff writer Michael Grunwald contributed to this report.

http://www.washingtonpost.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Largest LNG 13 Conference Opens Today

05/14/2001
Korea Times
Copyright (C) 2001 Korea Times; Source: World Reporter (TM)

The largest-ever International Conference and Exhibition on liquefied natural
gas (LNG 13) opens today for a four-day run at the Convention and Exhibition
Center (COEX) in southern Seoul.
A total of 125 companies and organizations represented by 2,500 delegates and
exhibitors from 50-odd countries, including Japan, the United States, Britain
and Australia, are participating in the international event, co- organized by
the Korea Gas Union and the Korea Gas Corp. (KOGAS).
Commerce, Industry and Energy Minister Chang Che-shik will be delivering
congratulatory remarks on behalf of Prime Minister Lee Han-dong who is
currently on an official trip to the Middle East. There will be a visual
presentation from Lee during the opening ceremony.
``We have spent more than a year preparing for this international event which
is the largest in terms of the number of participants and exhibitors,'' said
Lee Seung-hwan, chairman of the Korean National Organizing Committee.
LNG 13 is 15 percent larger than the conference and exhibition held in
Australia back in 1998 which reflects the growth of the industry, Lee
explained, adding that the demand for LNG has been increasing rapidly here in
Korea.
A wide range of topics will be presented during the four days of conferences
and exhibitions, helping to showcase the importance of the LNG industry.
Among the numerous papers to be presented at the triennial event are ``Old
World, New World, Tomorrow's World: How LNG Has Changed Since LNG 12'' and
``The Next Generation of LNG Plants.''
``Hosting this meaningful event in Korea will help elevate Korea's image in
the international market, particularly with the sheer scale and size of LNG
13,'' said Kim Myung-kyu, president and CEO of KOGAS and chairman of the
Korea gas Union.
The conference will include paper sessions, workshops, poster sessions and
film presentations while exhibitors will demonstrate their exclusive
technologies for the exploration and production of LNG as well as plant
construction.
The official sponsors of LNG 13 are the International Gas Union, the Gas
Technology Institute and the International institute of Refrigeration while
the major sponsors are Shell Gas and Power, KOGAS, LG-Caltex, SK-Enron, the
Qatari Group, TotalFinaElf, British Petroleum and Exxon Mobile.
In addition to the conference and exhibition, there will be a technical visit
to the Inchon LNG Receiving Terminal in Inchon, about 50 kilometers west of
Seoul, on Friday.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


fyi
 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Monday, November 05, 2001 6:11 PM
To:	Mcconnell, Mike; Bowen Jr., Raymond; Delainey, David W.
Cc:	Lawyer, Larry
Subject:

We are asking Barclays for 7 days to work out the SO2 inventory, which they are taking to their credit committee tomorrow.  We will have a response by noon our time.

I'll update everyone then.

Jeff


got yor message, i am meeting greg at molinas. call me on my cell if you need me,


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skiers and fly fishermen...and of course those nice Freeman.

>>> <Mark.Taylor@enron.com> 11/27/01 10:38AM >>>
Thanks for the idea -- I may need it sooner than I expected.  It's nice to
know there are jobs out there but I think I can hold out until I find one
somewhere better than Boise -- if you thought nobody wanted to visit
Houston......!

    -----Original Message-----
   From:   "Linda Hayman" <LHAYMAN@skadden.com>@ENRON
   Sent:   Monday, November 26, 2001 5:38 PM
   To:     Taylor, Mark E (Legal)
   Subject:  Fwd: GC position

   Boise?  No need for a pool there.

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   copying of this email, and any attachments thereto, is strictly
   prohibited. If you receive this email in error please immediately notify
   me at (212) 735-3000 and permanently delete the original copy and any
   copy of any e-mail, and any printout thereof.

   Further information about the firm, a list of the Partners and their
   professional qualifications will be provided upon request.
   ****************************************************

   Content-Transfer-Encoding: 7bit
   Date: Mon, 26 Nov 2001 16:19:47 -0500
   From: "Ted Kozloff" <TKOZLOFF@skadden.com>
   To: AKENOE@skadden.com,     ALEDUC@skadden.com, AMUTCHNI@skadden.com,
   APOLLOCK@skadden.com,  AROCKAS@skadden.com,     ASTRAUS@skadden.com,
   BDUWE@skadden.com,     BLUNDQVI@skadden.com,    BPHILLIP@skadden.com,
   BVANCE@skadden.com,    CFSMITH@skadden.com,     CHUTTNER@skadden.com,
   CMULANEY@skadden.com,  DADLER@skadden.com, DBREWSTE@skadden.com,
   DFREYER@skadden.com,   DFRIEDMA@skadden.com,    DGOLDSCH@skadden.com,
   DHIEBER@skadden.com,   DKELLEHE@skadden.com,    DKURTZ@skadden.com,
   DREAMER@skadden.com,   DSPRINGE@skadden.com,    ECRANE@skadden.com,
   EFILARDI@skadden.com,  EIVESTER@skadden.com,    EWAXMAN@skadden.com,
   FBAYOUTH@skadden.com,  FGITTES@skadden.com,     GCULLEN@skadden.com,
   GFERNICO@skadden.com,  GNOEL@skadden.com,  GPANAGAK@skadden.com,
   GZIMMERM@skadden.com,  HPOSNER@skadden.com,     ISULLIVA@skadden.com,
   JBUTLER@skadden.com,   JCARROLL@skadden.com,    JCOBEN@skadden.com,
   JCOCO@skadden.com,     JCOHEN@skadden.com, JDASTEEL@skadden.com,
   JDONOVAN@skadden.com,  JFRIEDMA@skadden.com,    JGIUNTA@skadden.com,
   JKASNER@skadden.com,   JKOSLOW@skadden.com,     JLERNER@skadden.com,
   JLICHTMA@skadden.com,  JMENDEZ@skadden.com,     JRAYIS@skadden.com,
   JVALLE@skadden.com,    KBETTS@skadden.com, KBIALKIN@skadden.com,
   KCOIT@skadden.com,     KCORMAN@skadden.com,     KKRAKAUR@skadden.com,
   KPLEVAN@skadden.com,   LFREEMAN@skadden.com,    LFRISHMA@skadden.com,
   LGOODMAN@skadden.com,  LHIESTAN@skadden.com,    LKLING@skadden.com,
   LKUCK@skadden.com,     LMCGOVER@skadden.com,    LTAYLOR@skadden.com,
   MABROWN@skadden.com,   MFILIP@skadden.com, MGISSER@skadden.com,
   MKIPP@skadden.com,     MKUSHMAN@skadden.com,    MLAWSON@skadden.com,
   MMCGARRY@skadden.com,  MMILLER@skadden.com,     MSCHELL@skadden.com,
   MWEXLER@skadden.com,   NLIEBERM@skadden.com,    NSAGGESE@skadden.com,
   PKRUPP@skadden.com,    PMCKENNA@skadden.com,    PSIMSHAU@skadden.com,
   RAPRIL@skadden.com,    RDELTUFO@skadden.com,    RGUERRA@skadden.com,
   RLEVIN@skadden.com,    RRADEMAK@skadden.com,    RSCHREIB@skadden.com,
   RSTOLL@skadden.com,    SADLER@skadden.com, SEJACOBS@skadden.com,
   TBATEMAN@skadden.com,  TDECAPO@skadden.com,     TDOUGHER@skadden.com,
   THALE@skadden.com,     TNELSEN@skadden.com,     TPOHL@skadden.com,
   TTCHEN@skadden.com,    TWEIL@skadden.com,  WKUNKEL@skadden.com,
   WLAVEY@skadden.com,    WWHALEN@skadden.com
   Subject: GC position
   MIME-Version: 1.0
   Content-Type: multipart/mixed; boundary="=_F3AEC077.6001706B"

   Albertson's, Inc., one of the largest food/drug retailers in the U.S.,
   is looking for a new General Counsel. Albertson's have been a very good
   client for the firm over the past 10 years, and if we could place
   someone there it would probably enhance our relationship.

   A description of the position and related matters is attached.

   Please give me a call if you have any ideas.

   Ted Kozloff
   ext 2600 in San Francisco.

    - Albertsons PD.E-mail_1.wpd << File: Albertsons PD.E-mail_1.wpd >>

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


1400 Smith.

Morning would probably be better for me.

Kay

"Wilson Montjoy" <wmontjoy@brunini.com> on 05/08/2001 09:42:44 AM
To: <Kay.Mann@enron.com>
cc:

Subject: Visit to Houston

Looks like I will be in Houston tomorrow ( Wed.) and would like to come by to
meet you and to discuss the Clarksdale contract. I'm tied up in the middle of
the day, but will probably have time early (9 or 10 am) or in the afternoon.

Please let me know your availability and we'll set something up. I assume
you're on Smith St. downtown.


John:

Listed below are two companies who can provide the home set-up services you
requested.  Likewise, your Realtor may have the same service capability.
Please let me know if you would like Lloyd or I to contact any of these
companies.

Jane

---------------------- Forwarded by Jane Allen/HOU/ECT on 05/03/2000 08:31 AM
---------------------------

Lloyd Whiteurst@ENRON
05/02/2000 01:57 PM
To: Jane Allen/HOU/ECT@ECT
cc:
Subject: Re: John Lavorato

Jane,

Sorry for the delay.   Please be advised of the following:

De Geurin Realty, Inc
2650 Fountainview, Suite #300
Houston,  TX   77057

Contact:  Phyllis Peak (I believe Phyllis worked with David Oxley)
713-789-9999 - Office -
713-528-5801 - Home -

or

Greenwood-King Properties
3200 Kirby, Suite 200
Houston, TX   77098

Contact:  Jacque Morris
713-524-1228 - Office
713-851-2917 - Cell Phone

Both of the above can provide the services requested.  I am not sure of the
costs, however, they are both very reasonable.

Thanks.

	From:  Jane Allen @ ECT                           04/25/2000 12:42 PM

To: Lloyd Whiteurst/HR/Corp/Enron@ENRON
cc:

Subject: John Lavorato

Have you found any company that can do the service mentioned below?
---------------------- Forwarded by Jane Allen/HOU/ECT on 04/25/2000 12:42 PM
---------------------------

	Enron North America Corp.

	From:  Jane Allen                           04/19/2000 05:12 PM

To: Lloyd Whiteurst/HR/Corp/Enron@ENRON
cc:
Subject: John Lavorato

Lloyd:

Attached is his relo letter.  I have put a signed copy in interoffice mail to
you today.

John has asked me about hiring someone who will handle all the little matters
of getting electricity and phone hook-ups, mail forwarding, etc.  Is there a
company that can do this?  What kind of fees are usual?  David Oxley
mentioned that his real estate agent did all of this.....

Thanks,

Jane


Ladies and Gentlemen,

Thank you all for participating on the associate and analyst PRC committee.
I believe that the PRC process is the most important tool we have to evaluate
Enron's talent, and your role in the process is critical.  With the all
important year-end PRC quickly approaching, I'd like to spend a little time
with you sharing not only my philosophy on the process, but also talking
about the mechanics of the process.  There will also be time to answer any
questions you may have.

To that end, please join me and Charlene Jackson for breakfast on Thursday,
November 30, at 8:30 a.m. in EB50M.  If you are unable to attend in person
and would like to participate by conference call, that can be arranged.
Please RSVP your attendance to Cheryl Kuehl at x3-9804.

I look forward to seeing you on November 30, and again, many thanks for
spending your time on this critical process.

Jeff


We will have to use that one as a back up plan....


Stephanie,  I forwarded a hard copy of the operational control letter
yesterday.  Let me know if you don't have it.  Attached is the price letter.

There is no formal contract in place between TW and EE&CC for the
construction.  Both TW and ECS as I understand, have signed AFE's with EE&CC
for the projects.  We will most likely have to address this risk in the
Contribution Agreement.  I will talk with Mark and Mark about this.

PPA- we are expecting comments back from CDEC late today.  Schedule is now to
review their comments and meet with them Tuesday (via phone or in person) to
finalize.  We can likely get Patti a copy after Tuesday.

Contribution Agreement - Pending resolution of the construction risk issues,
we can have a draft for Patti early next week.


Here is CLECA's (Barbara Barkovich's) current thinking.

 - CLECA proposal.doc


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/01/2000
08:42 AM ---------------------------

Regina Blackshear@ENRON
07/31/2000 04:14 PM
To: vblack4538@aol.com, l_carter61@hotmail.com,
sonia_l_castorena@reliantenergy.com, Yolanda Clay<yoclay@flash.net>,
Amber.Ebow@enron.com, Loneta Edison<Loneta.Edison@wcom.com>,
NAGILL443@aol.com, Tammy Green <tcgreen@flash.net>, locacherri@aol.com, "R
Jordan"<rhondamjordan@hotmail.com>, "BENEDICT
PETERS"<bouncing98@hotmail.com>, rosemary.a.reynolds@usa.xerox.com, "White BL
(Barbara)" <BLWhite@equiva.com>, Warren Perry/Corp/Enron@Enron, Derick
Jones/Corp/Enron@Enron, Angela Barnett/HOU/ECT@ECT, Judy
Hernandez/HOU/ECT@ECT, Leslie Smith/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Tharsilla Broussard/HR/Corp/Enron@ENRON, Diane
Salcido/Corp/Enron@Enron
cc:
Subject: Fwd: [DougC's_Loop] 50 Promises For Marriage

>50 PROMISES FOR MARRIAGE by STEVE STEPHENS
>
>1. Start each day with a kiss.
>2. Wear your wedding ring at all times.
>3. Date once a week.
>4. Accept differences.
>5. Be polite.
>6. Be gentle.
>7. Give gifts.
>8. Smile often.
>9. Touch.
>10. Talk about dreams.
>11. Select a song that can be "our song".
>12. Give back rubs.
>13. Laugh together.
>14. Send a card for no reason.
>15. do what the other person wants before he or she asks.
>16. Listen.
>17. Encourage.
>18. Do it his or her way.
>19. Know his or her needs.
>20. Fix the other person's breakfast.
>21. Compliment twice a day.
>22. Call during the day.
>23. Slow down.
>24. Hold hands.
>25. Cuddle.
>26. Ask for each other's opinion.
>27. Show respect.
>28. Welcome the other person home.
>29. Look your best.
>30. Wink at each other.
>31. Celebrate birthdays in a big way.
>32. Apologize.
>33. Forgive.
>34. Set up a romantic getaway.
>35. Ask, "What can I do to make you happier?".
>36. Be positive.
>37. Be kind.
>38. Be vulnerable.
>39. Respond quickly to the other person's request.
>40. Talk about your love.
>41. Reminisce about your favorite times together.
>42. Treat each other's friends and relatives with courtesy.
>43. Send flowers every Valentine's day and anniversary.
>44. Admit when wrong.
>45. Be sensitive to each other's sexual desires.
>46. Pray for each other daily.
>47. Watch sunsets together.
>48. Say "I love you" frequently.
>49. End the day with a hug.
>50. Seek outside help when needed.
>
>PASS THIS ON TO YOUR MARRIED AND UNMARRIED FRIENDS & FAMILY TO HAVE &
>SHARE LOVE.
>
>~~~ Today I will not strike back, I will ask God to bless my enemy, I
>will be careful of what I say, I will go the extra mile, I will
>forgive, I will do something nice to someone but I will do it
>secretly, I will treat others as I wish to be treated, I will raise
>the spirit of someone who is discouraged! , I will nurture my body, I
>will grow spiritually....

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    document
    :

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    received
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    at:       11/26/2001 11:05:58 AM

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The inequities that you are referring to in #4 is that the cap be applied
both to bundled service and d/a customers, right?

Roger Yang@EES
11/01/2000 04:44 PM
To: Mona L Petrochko/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@Enron, Dennis Benevides/HOU/EES@EES
cc: Dennis Benevides/HOU/EES@EES, Scott Stoness/HOU/EES@EES

Subject: California Regulatory Strategy

The purpose of this e-mail is to discuss the regulatory strategy in
California.  As we have discussed, I believe the regulatory strategy can be
summarized as follows:

Support the TURN proposal in order to maintain leverage against PG&E and
SCE.  We will have to do this strategically to avoid negative consequences.
Provide comments on mitigation measures at the CPUC's disposal to mitigate
PG&E's and SCE's undercollections on December 31, 2001 in order to make the
CPUC comfortable with their decisions.
Work with PG&E and SCE on developing a post-freeze solution at the
legislature to recover undercollections over a 5 year period in order to
facilitate an acceptable solution.
Expose the inequities of the rate caps implemented in SDG&E's service
territory for small customers in order to avoid a similar transition
mechanism in PG&E's and SCE's service territories that might facilitate an
end to the rate freeze for all customers prior to December 31, 2001.
Watch and prevent adverse changes to how the PX credit is calculated.

Roger


A more organized electronic version of the agreement.

Molly Sample
General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806
----- Forwarded by Molly Sample/Houston/Eott on 10/20/00 06:31 PM -----

	Molly Sample
	10/20/00 06:24 PM

		 To: Leadership Group
		 cc:
		 Subject: Operation and Services Agreement

Attached is the Operation and Services Agreement in an electronic format.  If
anyone needs this in hard copy with signed pages, please call me.  Thanks.

Molly Sample
General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806


Effective 10/1/00 deliveries to Eastrans is 30,000 MMBtu/dy

The redeliveries will be:

7600 from Fuels Cotton Valley
22400 to PG&E


See attached EOL deal done yesterday.


Gary,

Stinson will contact you in the morning, Thu, regarding the trip.

Vince

	From:  Gary Hickerson                           11/30/2000 07:42 AM

To: Jeffrey A Shankman/HOU/ECT@ECT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject:

Gentlemen,

 Spoke to Vince K today and asked if he would send Stinson Gibner to Sidney
to be available on Monday to review the X system.
Paul, make sure our X friends are available and the Confidentially Agreement
is signed.  Further, I spoke to Phillip B. about a technical going too.

G'day mates,

Gary


Yesterday, Logistics, Volume Management and the CGAS Trader met to discuss
pathing arrangements for the CES Storage deal.

 C R I T I C AL   I N F O R M A T I O N   F O R   V O L U M E   M A N A G E M
E N T
  * All Storage Account Balances for contracts 67713, 51407 and 39607 should
not be valued as an ENA asset
   - The storage inventory is CES's inventory and NOT owned by ENA.
   - The storage inventory on contracts 67713, 51407 and 39607 should NOT be
part of the UA4 calculation
   - Fuel associated with storage injection should be part of
  * The "Select Point" feature will be used to create the sale to CES in
storage.  This pathing process will allow deal
     to be settled.
   -The "Point" balances should NOT be part of the UA4 calculation

Logistics is in the process of correcting pathing arrangements for the
injection season to match the schematic as provided below.  Once this is
completed, Volume Management can complete the actualization process.

Logistics did make part of the corrections needed for the withdrawal season,
to allow actualization on the storage contract; yet did not redo the
transportation piece.   Due to this, the pipeline is not in balance.

Logistics would like to meet with Volume Management and discuss this clean up
process.  I will try to set up a meeting for next week (Anastas, Kelly,
Lamadrid, Collins, Fuller, Superty & me).   How does Wednesday afternoon
(9/20/00 at 2 p.m.) look for you guys?

Please get with me if you have any questions.  If you could also please
forward to anyone I may have excluded from this email.

Thanks,

dg

Pathing arrangements for CES Storage deals should be created following the
schematics below.


John, completely agree with your view - David, I would have the matrix, with
all of the ENA statistics and names, ready for distribution on Friday to the
key managers to try and illicit a response from the low participation folks.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 09/27/2000
12:16 PM ---------------------------

John J Lavorato@ENRON
09/27/2000 09:08 AM
To: David W Delainey/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT
cc:
Subject: Status of Completed Performance Reviews

I hope the data on these performance reviews is wrong.  I think we need 100%
of reviews done.  Do you agree.
---------------------- Forwarded by John J Lavorato/Corp/Enron on 09/27/2000
09:02 AM ---------------------------

	From:  Sheila Knudsen                           09/14/2000 09:20 PM

To: Mark Frevert/NA/Enron@Enron, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron
cc: David Oxley/HOU/ECT@ECT

Subject: Status of Completed Performance Reviews

Attached, for your information is a matrix reflecting the status of completed
reviews from the mid-year 2000 process.  This is broken down by ENA
organization units, as they were structured at mid-year, prior to the
creation of EGM and EIM.

I will provide you with a weekly update on the status.

Please call me at X36628 should you have any questions.


---------------------- Forwarded by Mark Taylor/HOU/ECT on 01/06/2000 10:08
AM ---------------------------

"Cutler, Marc" <Marc_Cutler@bmc.com> on 01/05/2000 10:15:59 AM
To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Pls Complain

don't know if G has already email you... Heights Blvd is now only one lane.
if you have time, please email your complaints to the people referenced in
G's long & attached email.

I just got Ms. Dorsey's email address, it's
mdorsey@pwe.ci.houston.tx.us.

   -----Original Message-----
   From:       Gordon Hagendorf
   Sent:       Wednesday, January 05, 2000 10:09 AM
   To:         Kenneth.Council; gfredo; brettg31; shawkins; jmueller;
               carlssmith; jstys; morlanwhittle; Marc.Cutler
   Subject:    RE: the weekend - Grab a cocktail - this is a long one.

   If any of you care to voice your opinion about Height Blvd. the best
   person to speak to is:
   Mignette Dorsey, City of Houston Bikeway Coordinator

   713-837-0003

   I spoke to her and found out that this has been planned since the
   early 90's (see how fast our government works).  She said that she
   has received several complaints but the project will continue until
   completion (they have to put down the bike symbols) before it would
   be reconsidered.  If you don't like the restriped Heights Blvd. I
   suggest you call Ms. Dorsey and email the following:

   Jeff King - Public Works

   wjohnson@pwe.ci.houston.tx.us

   Robert Litke - Planning & Development Dept
   rlitke@pd.ci.houston.tx.us

   Annise Parker - City Councilwoman
   aparker@cnl.ci.houston.tx.us

   Thanks!!

   Gordon Hagendorf

      > On another issue, I don't know if you've driven down Height
      Blvd. lately
      > but they turned it into one lane (yes only one lane) and made a
      side
      > bike lane.  I don't like it and think it's unsafe.  I've written
      the
      > following email to Ms. A. Parker and would appreciate if you
      would
      > share it with any Heights residents to see if they feel the
      same.
      > Thanks very much, miss ya,
      >
      > Gordon
      >
      >
      > Dear. Ms. Parker,
      >
      >
      > I would like to know who I should address a complaint about the
      way
      > Heights Blvd. has been turned into one lane with a bike lane and
      parking
      > taking up what used to be a driving lane. I do not like the
      re-striping
      > for the following reasons:
      >
      >
      >    1.  There is too much traffic for one lane.
      >
      >
      >    2.  It is now very difficult and dangerous to cross Heights
      Blvd.
      >       from one of the side streets because the line of cars is
      much
      >       longer (since there's only one lane). Cars are having
      having to
      >       shoot across very quickly to make it to the other side.
      >
      >
      >    3.  Cars are using the bike lane as a driving lane making it
      very
      >       dangerous for bicyclist.
      >
      >
      >    4.  We have too much parking on Heights Blvd. and this only
      >       encourages many more people to park there. This will also
      >       encourage large trucks to park on Heights Blvd. making it
      very
      >       unsafe.
      >
      >
      >    5.  The more cars that park on Heights Blvd. the less
      attractive the
      >       area looks. All of the cars parked along the street take
      away from
      >       the historic beauty of the area.
      >
      >
      >    6.  Besides all of the above, why do we need a bike lane for
      only 2
      >       miles? It would be much safer for the bikers to use any of
      the
      >       side streets in the neighborhood to bike the short 2 miles
      between
      >       I10 & 20th street.
      >
      >
      > Is there anyway to have this reversed? Thanks very much for time
      and
      > attention. I really do appreciate you time,
      >
      >
      > Gordon Hagendorf
      > 713-270-2450 Day
      > 713-861-0885 Night>


All,

FYI, here is the latest draft of their business plan for your review and
commentary.  I had the video call yesterday and went through all the org
changes.  I did not provide any commentary on the specifics for obvious
reasons.

Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 08/02/2000
08:23 AM ---------------------------

D'Arcy Carroll@ENRON
07/24/2000 07:24 AM
To: Steve Nagy/SA/Enron@Enron
cc: Mike McConnell/HOU/ECT@ECT, Joe Kishkill/SA/Enron@Enron
Subject: Re: Draft Business Plan Enron Net Works South America

I think there are 2 principal drivers:

(1)  the respective Business Unit heads inside of Networks (Houston or
elsewhere ) need to know who Steve and I are, that we're involved and that we
have a  mandate ( actually this probably warrants some clarification
vis-a-vis the Argentine office, as well; especially given the hiring of
Bastos - I for one would like  to get a clear and substantive understanding
in regard to his trading background, priority for physical vs. financial
products, and expectations ) and
(2)  we (Enron SA) need an invitation, but also need to probably be more
aggressive about participating in meetings, discussions - both strategic
and   functional for each of  the Business Units

Once we reach a consensus on an Enron SA Bus Plan with focus, targets will
establish some parameters to participate inside the group going forward.

Mike, your efforts to communicate both updating events vis-a-vis the weekly
call and overtures outside the group have been a great initiative and much
appreciated.  It's made an important, productive impression on Enron
employees "outside"of Networks.  Look forward to further discussions all
around.

Steve Nagy
07/21/2000 02:19 PM
To: Mike McConnell/HOU/ECT@ECT
cc: Joe Kishkill/SA/Enron@Enron, D'Arcy Carroll/SA/Enron@Enron

Subject: Draft Business Plan Enron Net Works South America

Mike,

Per your request, attached is the draft Business Plan for South America. Due
to agenda constraints, Joe Kishkill has not yet had the opportunity to review.

As part of structuring the regional effort, it would be important to
streamline and coordinate the due diligence and market study efforts. There
appears to be some confusion between Houston and S?o Paulo over who is
responsible for what. We may need to formally announce D'Arcy's and my roles,
including the need to channel information through us into and out of the
region.

Please let us know your thoughts.

Thanks, Steve


I didn't know if this was duplication.  Sara

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 01/17/2001 05:51 PM -----

	Carol St Clair
	01/16/2001 08:28 AM

		 To: Mary Cook/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Enron/Project Cerberus

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 01/16/2001 08:27 AM -----

	"Rembert, Mary" <maryrembert@akllp.com>
	01/12/2001 05:33 PM

		 To: <annmarie.tiller@enron.com>, <astidd@gssync.com>, "Barbour, David"
<davidbarbour@akllp.com>, <bill.bowes@enron.com>, <brenda.l.funk@enron.com>,
<brent.vasconcellos@enron.com>, <brian.steinbrueck@enron.com>,
<carol.st.clair@enron.com>, <clint.freeland@enron.com>,
<clint.walden@enron.com>, <damon@rlf.com>, <david.bermingham@rbcds.com>,
<david.mccluskey@royalusa.com>, <emily.jelich@royalbank.com>,
<gareth.bahlmann@enron.com>, <gina.karathanos@enron.com>,
<jlawler@wilmingtontrust.com>, <john.bruen@rbcds.com>, <kenton@rlf.com>,
<kevin.d.jordan@enron.com>, <lkao@mayerbrown.com>, "Lowe, Deborah"
<deborahlowe@akllp.com>, "McFarling, Muriel" <murielmcfarling@akllp.com>,
<mniebruegge@mayerbrown.com>, "Popplewell, Tom" <tompopplewell@akllp.com>,
<robert.eickenroht@enron.com>, <ryan.siurek@enron.com>,
<tamullen@prickett.com>, <tara.rafter@enron.com>, <tellwood@mayerbrown.com>,
<HoggC@rabo-bank.com>, <ThomasJA@rabo-bank.com>, <LauberM@rabo-bank.com>,
<HoekemaA@rabo-bank.com>
		 cc: "Sullivan, Danny" <dannysullivan@akllp.com>
		 Subject: Enron/Project Cerberus

This is a duplicate of the e-mail sent to you earlier today, WITH THE
EXCEPTION THAT the two Word Perfect documents are ALSO in WORD.

Attached are the blackline drafts of the Assignment and Waiver Agreement
and the RBC Swap Confirmation and a draft of the Pledge Agreement
between EAH and RBC.

The next round of drafts will reflect points raised on the conference
call today and points to be confirmed with Enron next week.

Mary S. Rembert
Legal Secretary
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas  75201
(214) 659-4437
(214) 659-4401 (fax)

 - Assignment and Waiver Agreement (Cerberus).doc.rtf
 - ENRO5.DOC
 - ENRO5.WPD
 - Pledge Agreement (Enron-Cerberus).doc
 - Pledge Agreement (Enron-Cerberus).wpd


I'll participate in the call.


THanks!!

   Kate Symes @ ECT                12/04/2000 12:11 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Deal 471553

This has been changed - I guess old habits die hard, huh!

Thanks,
Kate

Evelyn Metoyer@ENRON
12/04/2000 10:07 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Deal 471553

 deal  471553 should be under Pinnacle West Capital Corporation  not APS.

Thanks!!


Stinson,

He is looking for blanket approach to our disk, both read and write.
Is it legitimate?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/20/2000
03:35 PM ---------------------------

ARSystem@mailman.enron.com on 11/20/2000 02:37:25 PM
To: vince.j.kaminski@enron.com
cc:
Subject: Request Submitted: Access Request for stewart.range@enron.com

You have received this email because you are listed as an alternate data
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I'm sure that many of you are aware that there has been a great deal of
activity lately related to Enron's evaluation of possible acquisitions.  John
Goodpasture's group has kept a large number of ET&S people engaged in looking
at a number of potential deals.  While these deal evaluation projects have
become routine around here, we all must remember that these projects are
extremely confidential.  Even after a potential seller has announced that it
is up for sale, the fact that Enron is looking at a potential deal, as well
as any of our internal analysis of the deal, remains strictly confidential.

I realize that many of you have ongoing business relationships with employees
of some of the companies that we have evaluated or may evaluate in the
future.  If you find yourself in such a situation, and a business contact at
the target company asks whether Enron is evaluating the contact's company or
assets, the only appropriate response is that Enron personnel are not
permitted to discuss potential acquisitions.  Please be aware that the
confidentiality agreements that we typically sign as part of the acquisition
evaluation process preclude any communication by Enron people with employees
of the target company.

If you have any questions or concerns regarding this requirement, please do
not hesitate to give me a call.  Thank you for your assistance.  DF


FYI
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/22/2000
08:31 AM ---------------------------

	From:  William S Bradford                           11/21/2000 08:09 PM

To: David W Delainey/HOU/ECT@ECT
cc: Jeffrey McMahon/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT
Subject: Wheeling-Pittsburgh Steel Corporation

Dave,

I am sending this in response to your query regarding the slow payment from
Wheeling Pittsburgh.  Wheeling Pittsburgh has allegedly filed bankruptcy some
time last week.  Legal is trying to obtain the bankruptcy filing we are
beginning to solidfy our potential claim.   Our current exposure is
approximately $1.55mm ($1.07mm in receivable and $375k MTM).  We are working
with the steel team (the deal was orginated by Tammy Mulrooney) and legal to
determine our rights under our contract.  We will keep you posted with any
updates.

Let me know if you have any questions.
Bill