Please find attached a draft of the legal risk memo for the YPF GSA.  We 
expect to be meeting with YPF to negotiate the form of their consent to 
assignment to the lenders in connection with the project financing on 
Tuesday, June 12, 2001 in Sao Paulo.  We expect to be in position to execute 
the GSA and related agreements immediately thereafter, perhaps as early as 
the evening of June 12th.
 


Best Regards,

EDD

Edmund D. Daniels
Senior Counsel
Enron North America Corp.
1400 Smith, EB 3813
Houston, Texas 77002
713.345.4753 (direct)
713.646.3490 (telecopy)