Suzanne,

I agree. Thanks for the time you spent on the structure.

Paul
 -----Original Message-----
From: 	Clapp, Suzanne  
Sent:	Monday, May 21, 2001 4:33 PM
To:	Y'Barbo, Paul
Subject:	Re: PDVSA May LPG Cargo - Price Revision Proposal

Paul, we are done as per your proposal below.  We will invoice the full volume in four parcels, as follows:

2,600 MT @ 58.625 cents + (Average Mont Belvieu for 3 days around bill of lading minus Average Mont Belvieu for May 17, 18, 21)

2,800 MT @ 58.125 cents  (This will be a provisional invoice and will be adjusted to reflect Average June Non-TET Mont Belvieu plus 6.25 cents per gallon)

2,900 MT @ 58.125 cents (This will be a provisional invoice and will adjusted to reflect Average July Non-TET Mont Belvieu plus 6.00 cents per gallon)

1,768 MT @ 58.125 cents (Average Mont Belvieu for 3 days around bill of lading plus 7 cents per gallon  ($0.51125 + $0.07 = $0.58125))

Please confirm your agreement to the above by return.

Best regards,
Suzanne Clapp




From:	Paul YBarbo/ENRON@enronXgate on 05/21/2001 04:03 PM
To:	Suzanne B Clapp/HOU/ECT@ECT, Miguel Maltes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:	Greg Curran/CA/Enron@Enron 
Subject:	PDVSA May LPG Cargo - Price Revision Proposal


Suzanne,

Based on price quotes that I received today from Lee Jackson, please advise if you can modify the pricing of the latest cargo as follows:


Current:		 2,600 MT (1,354,600 gallons)    @ 58.625 cents + (Average Mont Belvieu for 3 days around bill of lading minus Average Mont Belvieu for May 17, 18, 21)

		Remainder of Cargo	@ Average Mont Belvieu for 3 days around bill of lading plus 7 cents per gallon  ($0.51125 + $0.07 = $0.58125)



Proposed:	2,600 MT (1,354,600 gallons)    @ 58.625 cents + (Average Mont Belvieu for 3 days around bill of lading minus Average Mont Belvieu for May 17, 18, 21)

		2,800 MT (1,458,800 gallons)    @ Average June Non-TET Mont Belvieu plus 6.25 cents per gallon

		2,900 MT (1,510,900 gallons)    @ Average July Non-TET Mont Belvieu plus 6.00 cents per gallon

		Remainder of Cargo	@ Average Mont Belvieu for 3 days around bill of lading plus 7 cents per gallon  ($0.51125 + $0.07 = $0.58125)




Note:  Bill of Lading date was May 17, 2001

Basis:		521 Gallons/MT



Thanks,


Paul