jeff
long time no talk on lng shipping matters. during the xmas/new year period we 
discussed a lot with brad and have come up with some clear ideas on how to 
proceed to drive quickly a market change in the field of lng shipping. the 
best bet at this stage looks like mosk the big japanese shipping co . they 
control directly or indirectly 40 lng vessels. the lng shipping market is so 
inefficient that about 20 pct of that fleet is either iddle or under 
utilized. the idea is to team up with mosk to have access to their idle fleet 
at marginal cost plus small margin. this would enable us to ask them to give 
us a ship every time we can develop a spot lng cargo : no capital outlay, no 
take or pay obligation, win /win situ as mosk would then make money (that s 
their incentive) out of an iddle fleet and we would then gain access to ships 
enabling us to make money on lng spot cargoes without entering long term 
comitment on the shipping front . 

mosk being japanese , in order to jump start the entire thing we need a fax 
to be sent from high level in enron to high level in mosk prior brad and 
myself go and meet these guys in tokyo to discuss the idea in more details 
(at lower level in mosk the idea is known and accepted/tentative date already 
set last days of jan/early feb for the first meeting) . would you mind to 
send such a fax along the lines i propose herebelow asap  ? 

thanks in advance . any questions please feel free


pierre

quote 
to 

Mr Iwata , Executive Officer, LNG Division , MOSK
cc Mr Hashimoto , Manager, Project Development team, LNG Division, MOSK
both on fax number (81) 3 35 87 77 48     
Mr Amine Hakim, MOSK London 
on fax number (44) 870 130 97 37

 Dear Sir

Enron, through its newly formed Enron Global Market business unit, is 
targeting the LNG commodity and shipping markets as being key markets for the 
coming years mainly on account of their growth potential but as well because 
these markets are  ripe for a change in their very nature. 

MOSK , because of the sheer size of its LNG shipping fleet and Enron, because 
of its proven ability to make markets change, are uniquely positioned to team 
up and drive these changes rather than react to them.

Enron would like to explore with MOSK if and how both companies could 
cooperate in the lng field to achieve this.

Brad Hitch on the commodity front and Pierre Aury on the shipping front will 
be leading this efforts on the Enron side and you can expect to have them 
contacting you very shortly to start these discussions.

Yours faithfully

 
signed 
Jeffrey A Shankman         or         Mike McConnell
tittle (in big letters please ...)