Call me when you're free and we can talk to Rolo..  I've looked at their 
comments.  Sara


   
	Enron North America Corp.
	
	From:  Patricia Cini                           10/18/99 04:04 PM
	

To: Rodolfo Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton/HOU/ECT@ECT, Jeff 
Kabel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: Re: Call from TGS for LPG Hedge  

Rolo-

Sara and I are going to go through the comments and then get back to you very 
soon on the issues.  

I understand that they don't want to sign the CSA, but I am not in the 
position to eliminate this because Goldman Sachs did not make them sign one.  
They are partially owned by Enron and Perez Companc and both of these 
companies sign ISDAs that include CSAs.  

Will follow up soon.

Regards,

Pat





Rodolfo Freyre @ ENRON_DEVELOPMENT   10/18/99 03:10 PM

To: Patricia Cini/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Jeff 
Kabel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: Re: Call from TGS for LPG Hedge  


Pat / Sara,

I just talked to the commercial guy @ TGS. We just talked about the Credit 
Support Annex (CSA)and he basically said that they have signed many ISDA's 
(i.e.: with Goldman Sachs) and in none of those were they required to include 
the CSA. I do not know if the CSA is a thing we do require for every 
trasnsaction or not, but I see these guys unwilling to comply with the CSA. 

Why don't we schedule a conference call ASAP to determine our next steps. 

Rolo



To: Rodolfo Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton/HOU/ECT@ECT 

Subject: Call from TGS for LPG Hedge  

Rolo-

We received the comments from TGS regarding our ISDA format.  They are making 
substantial changes to the document so, I believe that we need to discuss 
this and schedule a conference call with them as soon as possible.  Please 
call me so, we can talk about setting this up.

Regards,

Pat




Rodolfo Freyre @ ENRON_DEVELOPMENT   10/15/99 03:52 PM

To: Patricia Cini@ECT
cc:  
Subject: Call from TGS for LPG Hedge

FYI
---------------------- Forwarded by Rodolfo Freyre/ENRON_DEVELOPMENT on 
10/15/99 05:52 PM ---------------------------
Rodolfo Freyre   10/14/99 10:44 AM

To: Jeff Kabel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Federico 
Cerisoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don 
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe 
Kishkill/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brian 
Swinford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria Ines 
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:  

Subject: Call from TGS for LPG Hedge


Eduardo Pawlusek (TGS) just called me and we talked about the LPG Hedge. I 
did not tell him anything about the "imbedded loan structure" we are thinking 
of. 

ISDA Document: He told me that his lawyer (Enrique Prini) is reviewing the 
ISDA and will send us the comments on Monday. The problem is that the lawyer 
is leaving on Monday for two weeks. I told him that he should have Chris 
Dougall (who already knows our lawyers) take over while Enrique is out of 
town. 
Timing: TGS is looking for a swap starting November 1, 1999 until December 
31, 2000 (14 months). The problem is that we have to get the ISDA signed 
before we do any transaction, and given that their lawyer will be out, I am 
not sure we will be able to sign it before end of this month.
Volume: TGS sells 200,000 tons/yr of LPG. Approximately 30% of that 
(60,000tons/yr) is what TGS commercialises. They are analysing two scenarios: 
2,500 tons/month (35,000 tons/14months),
1,800 tons/month (25,200 tons/14months). 
Price: He wants us to send him the terms and conditions of a swap ASAP. He 
wants price, settlements and index to be defined. He also said they will be 
asking the banks to send them a quote. 

With regards to the loan we need to evaluate the amount cash involved in the 
swap. Then we can determine an appropriate loan amount. Jeff talked with 
Brian Swinford about this structure.

Rolo