Cliff,
Did we ever produce this?  I thought we decided to wait and see if we were 
going to use bonds.  If it exists, is there any reason why a potential buyer 
of Cuiaba should not see it?

Tracee - There is documentation on the KFW hedge as you know.  The only thing 
we could provide on the OPIC loan is a requirement of the lenders to be fixed 
which would be in the CTA if it was required in this instance (or the other 
OPIC documents).  It could be that the only requirement was in the OPIC FOGA 
which originally required us to be fixed within 12 months of funding.  
However, we modified this and now we must select either a Citibank bank loan 
which would be fixed prior to funding by a swap or if we issue bonds they 
will be fixed rate.  Please see FOGA.

---------------------- Forwarded by Rob G Gay/NA/Enron on 01/17/2001 04:06 PM 
---------------------------


Richard A Lammers
01/17/2001 03:32 PM
To: Tracee Bersani@EES
cc: Rob G Gay/NA/Enron@Enron 

Subject: Description of Interest Rate Hedging for Petrobras sale

Just a reminder that I need you to describe the interest rate hedging in 
place for the KFW and OPIC loans.Petrobras has asked for these agreements and 
Rob said there are no agreements in place so we need to provide a written 
description of the arrangements in lieu of the agreements.

In addition we were asked to provide a copy of the Citibank offering memo for 
the OPIC bonds if one exists