Mariella,

Below is the pricing for ProCaribe's LPG purchase. There are four price tranches. The two fixed price tranches of 2600MT and 1768 MT represent volumes sold and yet-to-be-sold during the time frame April 16th to May 31st. Note that ProCaribe's revenue stream for the portion of LPG sold during the second half of April (~1400 MT) was based on Mont Belvieu of $0.543/gallon. Month-to-date Mont Belvieu for May is $0.5145/gallon. ProCaribe's revenue for volumes sold in May (~2900 MT) will be based on the average Mont Belvieu price for the entire month.

Pricing of this cargo has worked out such that ProCaribe will make approximately 1-cent per gallon more margin than it would had they purchased LPG at a 7-cent per gallon premium to average Mont Belvieu for the month in which the sales occurred.

Paul 

 -----Original Message-----
From: 	Y'Barbo, Paul  
Sent:	Tuesday, May 22, 2001 12:24 PM
To:	Clapp, Suzanne; Maltes, Miguel
Cc:	Curran, Greg; Haeussler, Federico; Chavarria, Javier
Subject:	LPG Cargo - Pricing Update 


Miguel,

Please note the following prices for Mont Belvieu Non-TET Propane:

5/16	$0.51188
5/17	$0.50563  = Bill of Lading Date
5/18	$0.51625
5/21	$0.51875

Avg. for 3 days around bill of lading  5/16,17,18  =  $0.51125

Avg. for 5/17,18,21  =  $0.51354


Pricing ($/gallon) for the 10,068 MT cargo from PDVSA will be as follows:

2,600 MT @ $0.58396  =  $0.58625  +  ($0.51125 - $0.51354)

1,768 MT @ $0.58125  =  $0.51125  +  $0.07

2,800 MT @ Average June Non-TET Mont Belvieu plus 6.25 cents per gallon *

2,900 MT @ Average July Non-TET Mont Belvieu plus 6.00 cents per gallon *


Basis:  521 gallons per MT

  * A provisional price of $0.58125 per gallon will be used for initial payment for these volumes. Adjustments will be made once final prices for June and July are known.

If you have any questions, please call me.

Best Regards,

Paul