Has legal received a credit worksheet on this counterparty?  Please give me a 
call (or John!).  Thanks.  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 08/10/99 03:48 
PM ---------------------------
From: "John J Shoobridge/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL on 
08/10/99 08:21 PM
To: Sara Shackleton@ECT
cc: Rodolfo Freyre AT ENRON_DEVELOPMENT@CCMAIL, Federico Cerisoli AT 
ENRON_DEVELOPMENT@CCMAIL, "Gabriela Aguilar/ENRON_DEVELOPMENT" AT 
ENRON_DEVELOPMENT@CCMAIL 
Subject: Total's Master Swap Agreement




Sara:

Can you give me an update on this deal. The customer is calling and need to 
let him know where are we standing on legal side of the business.

Regards
---------------------- Forwarded by John J Shoobridge/ENRON_DEVELOPMENT on
08/10/99 04:18 PM ---------------------------


John J Shoobridge
08/05/99 07:20 PM

To:   Patricia Cini@ENRON_DEVELOPMENT, Sara Shackleton@ENRON_DEVELOPMENT cc:  
 Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Federico
Cerisoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gabriela 
Aguilar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don 
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rodolfo
Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject:  Total's Master Swap Agreement

Pat,

I have faxed to you the financial statements of  Total Austral S.A..

We are potentially entering into a MSA with this customer. The first 
transaction we are thinking about is a financial Swap to hedge their 
Propane-Butane production in Caadon Alfa according to the following details:

1. Swap                            Prices                         Prices
|------------------------+------------------------+------------------------|
| SWAP (cents/ gallon) - |         1 year         |        6 months        |
|          Bid           |                        |                        |
|------------------------+------------------------+------------------------|
|        Propane         |         35 3/4         |         38 3/4         |
|------------------------+------------------------+------------------------|
|         Butane         |         40 3/4         |         43 1/2         |
|------------------------+------------------------+------------------------|


2. Put Option
|--------------+--------------+--------------+--------------+--------------|
|  Put Option  |   1 year -   |   1 year -   |  6 months -  |  6 months -  |
|(cents/gallon)|   Premium    |    Strike    |   Premium    |    Strike    |
|--------------+--------------+--------------+--------------+--------------|
|   Propane    |     2.5      |    32 3/4    |      2       |    35 3/4    |
|--------------+--------------+--------------+--------------+--------------|
|    Butane    |     3.0      |    37 3/4    |    2 3/8     |      42      |
|--------------+--------------+--------------+--------------+--------------|


Propane
Volume: 45.000 metric tons.
Starting date: Nov 1
Butane:
Volume: 19.000 metric tons.
Starting date: Nov 1


Sara: Would you please start drafting an MSA with Total Austral S.A.? Please 
let me know if you need any aditional information.

Regards

John Shoobridge