Sara,
Rafael has provided the rationale for opening an account with Morgan 
Stanley.  I will forward the hard copy documents to you or Susan when I 
receive them from Rafael.
Sheila
I have a call into Rafael to confirm that #4 should be EDIDE instead of 
EPCA....
---------------------- Forwarded by Sheila Glover/HOU/ECT on 05/25/2000 10:30 
AM ---------------------------


Rafael Rangel@ENRON_DEVELOPMENT
05/25/2000 10:20 AM
To: Sheila Glover@ENRON_DEVELOPMENT, Don Overby@ENRON_DEVELOPMENT
cc: Danthea Dumayas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, 
florencia.groppo@hds.com.ar>, Veronica Perez 
Subject: Re: Contacts

Sheila, as discussed yesterday, I need to do the following:

Open a brokerage account at Morgan Stanley for Enron de Inversiones de 
Energia S.C.A. (an Argentine company) (EDIDE)
This account will hold ADRs that will be contributed or transferred into its 
account by Enron Pipeline Company-Argentina S.A.  (EPCA)(account #038-088357) 
at Morgan Stanley.
EPCA will contribute 431,300 ADRs in Transportadora Gas del Sur (TGS) into 
EDIDE's new account.  That contribution represents the capital contribution 
that EPCA is obligated to make under the capital increase resolution dated 
February 20th, 2000.
After the ADR's are transferred into EPCA's accounts, EPCA will need to 
convert such ADR's into ordinary Class B shares in TGS so that they can be 
registered accordingly in Argentina.

Sheila, I am forwarding a hard copy of this e-mail with appropriate support 
(corporate resolutions authorizing me to open this account, resolution 
authorizing the increase in capital and some forms that I had Eduardo 
Ojea-Quintana (President of EDIDE) sign).

Please review and advise of what else you need to finalize this transaction.

Best Regards,

RFR

---------------------- Forwarded by Rafael Rangel/ENRON_DEVELOPMENT on 
05/25/2000 09:50 AM ---------------------------


Rafael Rangel
05/24/2000 05:50 PM
To: Sheila Glover@ENRON_DEVELOPMENT
cc: Danthea Dumayas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 

Subject: Re: Contacts  

Sheila, finally ready to open up the account at Morgan Stanley for EDIDE so 
that EPCA can transfer the correct amount of ADRs.  I have the Corporate 
Resolution from EDIDE.  I understand that the contact at Morgan Stanley has 
changed.  Please advise.

RFR



To: Danthea Dumayas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rafael 
Rangel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:  

Subject: Contacts

I will be out on maternity leave soon (hopefully).  In my absence, please 
call Sheila Glover (3-3210) for any questions that you may have.  If you just 
need a copy of an old report, please call Aneela Charania at 3-0951.

Thanks,

Terri
3-9899