Jay,

Unocal Energy Trading Inc. is interested in a payment netting agreement for crude oil transactions.  Attached is our crude oil netting agreement with their comments.

Thanks,

Nidia
x3-4868



 -----Original Message-----
From: 	"Adamec, Mike" <mike.adamec@unocal.com>@ENRON  
Sent:	Thursday, November 15, 2001 8:54 AM
To:	Mendoza, Nidia
Subject:	Netting Agreement

Nidia,
Here is a worked up version of your netting agreement.  We have made some
minor changes and filled in the blanks in regard to UETI.  If it OK, proceed
to the final version for signature.  Thanks.


 <<ERACNettingAgmtrev2mrm.doc>>

Mike Adamec
Corporate Credit Manager
Unocal Corporation
14141 Southwest Freeway
Sugar Land, TX  77478
PH: 281-287-7178
FX: 281-287-7331
EM: mike.adamec@unocal.com

Practice random acts of kindness.


 - ERACNettingAgmtrev2mrm.doc