The Washington Global Finance office is chartered with the responsibility to 
support Enron's activities with the Washington-based financing institutions - 
OPIC, EXIM, and the multilateral institutions - the World Bank and IFC and 
the InterAmerican Development Bank.  Every project financing done by the 
company in the emerging markets over the past several years has involved 
these agencies and this year is no exception.

 In the past six months we have supported five projects before these 
institutions:
  Cuiaba - Disbursement is now projected for mid-August.  OPIC is pleased 
with the progress.  We have had to tweak the process to keep the project 
moving forward; that process has been successful.  We have also been heavily 
involved in the environmental aspects of the project, working with the 
project team on the Environmental Health and Safety program, the 
international NGOs and the Conservation Program to keep these aspects on 
track.   
  Gaza -  We have been heavily involved throughout the first half of the year 
getting OPIC to a Board vote which was successful in March.  We used the 
Department of State and other agencies to pressure OPIC politically to do the 
deal.  Since the board vote the developers have been focussed on the 
financing with Arab Bank but we are now in a process of pushing State to get 
OPIC to move forward to financial close on reasonable financial lterms and 
conditions.
  Guatemala barge mounted plant at Puerto Quertzal - OPIC and MARAD are to 
provide financing. We have been working with the finance team to keep the 
project moving forward and are now looking at fijnancial close by the end of 
the summer. 
  Argentina water for the Province of Buenos Aires -   This office is pushing 
both the financing parties, OPIC and IDB, and Azurix to an end of September 
Board approval on a financing that started late spring.  the time frame is 
extremely short but unless we keep on schedule we will lose close to six 
months.  We are driving the schjedule and then overseeing all parties to keep 
the financing on track, so far successfully.   
  RioGen -  We have been working with the Rio team to ensure that 
consultation on the environmental assessment is conducted properly to avoid 
Cuiaba type problems and help the IDB financing.  We are getting the 
requirements with the team sorted out so that the process will go forward in 
an appropriate manner.

 In the past six months we have supported the development efforts of the 
following projects:
  Nigeria - We were heavily involved in getting the World Bank to back away 
from their opposition to our project, as well as getting the State 
Department, DOE and Treasury to aggressively support our efforts to conclude 
a deal in Lagos.  We finally persuaded the Bank to take the position that it 
was not fully current on the status of the project and so could not comment.  
The USG supported our efforts and did help the process by which Enron was 
finally able to conclude a deal.
  Camisea - We were heavily involved in sorting out the environmental 
requirements for this project in Peru to go forward.  We spent considerable 
time educating the developer team on these requirements.  We met on several 
with the Peruvian Minister of Energy and had  him meet with OPIC, IDB and the 
World Bank to better understand the impact of environmental issues on 
financing.
  Bulacan Biomass project, Philippines - We are working with the project team 
to obtain political risk insurance for the project through OPIC or MIGA.
  LNG project, Venezuela:  We are working with the finance team exploring 
OPIC, IFC, IDB financing for this project.
  Pipavov power project, India - Working with the project team regarding 
OPIC, IFC financing for the project
  Subsea fiber laying project, Caribbean:  We have undertaken discussions 
with financing and other institutions re sub-sea fiber laying jproject, 
including addressing licensing requirements of the FCC for international 
telecom projects.
  SIEPAC - We have had meetings with the project team on the status of this 
Central American electricity transmission project and how we might get 
involved.
  Puerto Suarez - We have been working with the project team to address 
environmental issues relating to the transmission line that is in the 
Pantanel in preparation for OPIC or IDB financing.
  Cuiaba II - We have been working with the team to develop a strategy to 
address the siting of compression stations so that the environmentalists will 
not create major problems.  This is a problem for both Phase I and II.
  EES Projects in Southern Cone and Eastern Europe - We have met with the 
IDB, IFC and OPIC and have arrived at an agreed upon financing strucure which 
now awaits EES projects in these regions.


 In the past six months we have also been involved in supporting our existing 
asset base on a variety of issues before these institutions as well as to 
agencies of the USG:
  Dominican Republic - Have been working with the DR team to broaden pressure 
on the government regarding our payment problems, including the IFC and World 
Bank, the IDB and the USG, especially State, Treasury and DOE.
  Trakya, Turkey -   We have been working with the asset team to mobilize USG 
support through OPIC, EXIM, state and Treasury to address payment problems.  
the USG is now aggressively supporting Enron in our effort to get these 
issues under control.  We are also in discussion with OPIC and EXIM about the 
prospective selldown of our equity interest in Trakya, as we are for Cuiaba 
and Dabhol. 


 In the past six months we have also been involved in a range of other issues 
of importance to the company:
  Transfer issues:  I have developed a strategy as to how to approach OPIC, 
EXIM, MIGA and the other financing institutions in the event there is a 
transfer situation. We are now awaiting whether it will be needed.
  OPIC in Mexico:  As part of our overarching relationship with OPIC we have 
agreed to spearhead an initiastive to assist OIPIC develop a program in 
Mexico.  that effort has been very well received by OPIC and George Munoz and 
is ongoing.
  EXIM Relationship:  As part of our effort to establish a relationship with 
EXIM and Chairman Jim Harmon we agreed to spearhead the analysis of the 
market windows issue.  the effort has been very well received; Joe Sutton is 
now on the EXIM Advisory Board and Enron will be on the commission 
considering EXIM's future.  Harmon and EXIM have been very complimentary of 
Enron's initiative in this regard. 
  Environmental Issues:  I am working with Kelly Kimberly and her team, and 
with the Southern Cone to better address our environmental needs in that 
region and throughout the emerging markets.






EES financing


Liberalization efforts - SCone, Petrobras

OPIC - efforts in Mexico