05.12.2000

Dear Mr. Lay,

You might recall very kindly hosting a dinner at The Travellers Club in
London for the first energy retreat that we did with Reinhold Heus and Ralph
Hodge. We were very sorry to have missed you this year though we very much
understand that campaigning for the elections was an absolute priority.

I was very pleased to hear that you had tentatively agreed to be able to
make the 25th May free for next years retreat. This years theme, after a
great del of research is set to focus on e commerce and the new economy and
will look at the inter relationship between energy, communication and
investment. I therefore thought that it would be particularly appropriate
given the outstanding work that you are doing in this area. I am sure that
you will feel that the participants are of great interest and I hope that it
will be a real learning experience for both the state companies and the
international energy companies.

As before the group will be limited to 60 top-level executives from
multinationals, independents and state companies and we would aim that some
of the main issues to be covered include:
* Corporate renewal - develop and maintain a competitive edge
* Diversification in the energy industry: into telecommunications,
power, water, e-commerce, trading, auto  - energy in the new economy
* E - Commerce
* Breakthrough in new technologies

I do hope that you are able to confirm your keynote attendance and look
forward to hearing from you.

I also thought that you might be interested in the attached outlining the
governments with which we work.
I very much look forward to hearing from you. .

In the meantime I remain,

Yours sincerely,


 <<...>>

Tim Clark
Group Managing Director
The CWC Group of Companies




Third Annual Private Retreat on the
Corporate Transformation of the
Energy Industry

E-Commerce, Hi-tech Opportunities and Investment


Threats, opportunities, new revenue sources and strategies to maintain a
competitive edge in the new economy

The inter relationships between the development of the energy sector,
changing investment markets and technological change

Special session on the internet opportunities in the European energy markets



Thursday 24th and Friday 25th May, 2001
Pennyhill Park



Moderator: Joe Darby, Chief Executive, Lasmo plc

Aspects Defining the Transformation of the Energy Industry

* Renewing, developing and maintaining a competitive edge
* The new multi-utility
* Corporate renewal within the new energy industry dynamics
* The dynamics of the new business portfolio
* New forms of sustainable energy
* Oil price stability, impact on cash flows and investment
* The future investment decisions for companies in a period of high
cash liquidity

Internet Portals, Communication and the Hi-Technology World

* Evolving in the new economy
* Breakthrough in new technologies
* Investing in and developing communication networks
* Internet portals in the energy industry
* Development of one stop shops - logistics, insurance, legal and
financial services

E-commerce; realising the opportunities and re inventing your business
strategy

* Fundamental changes in  the structure of the industry and future
business models
* E-commerce in a global context
* Tactical e-business decision-making
* Which e-business models really work?
* The sharing of knowledge
* Measuring the impact of your e-commerce strategies
* Evolving strategies in the new economy

Radically Improving Customer and Supplier Relationships

* Automating buyer / supplier procurement through e-commerce
* The development of open e-market places which will transform the
industry's procurement processes
* E-procurement selection, implementation and the creation of added
value
* Enhancing and developing relationships with customers
* E-business and CRM

Investments and Financing within the New Energy Economy

* Equity investments, acquisition financing  and leveraged buy out
* The inter relationship between investments, mergers and hi tech
drivers
* The economics of ecommerce and hi technology developments
* Energy startups
* Corporate venturing


Held under Chatham House rules the private retreat will place great emphasis
on dialogue and incisive debate. All participants will be encouraged to be
proactive and will be invited to take part in specialised discussion groups.


The Chatham House Rules are defined as "When a meeting, or part thereof, is
held under the Chatham House Rule, participants are free to use the
information received, but neither the identity nor the affiliation of the
speaker(s), nor that of any other participant may be revealed; nor may it be
mentioned that the information was received at the retreat".






Speakers

Gary Edwards, Senior Executive Vice President, Conoco
Ged Davis, Vice President - Group Planning, Royal Dutch/ Shell
Joe Darby, Chief Executive, Lasmo plc
Gregory Vesey, Vice President - E Business, Texaco Inc
Abdullah Lamki, Deputy Managing Director, Petroleum Development Oman
Ed Morse, Executive Adviser, Hess Enery Trading LLC
Alirio Parra, former Minister of Energy and Mines, Venezuela
Ralph Hodge, former Chairman, Enron International
Stefan Judisch, MD, RWE Energy Trading Limited
Luis Giusti, Non Executive Director, Shell Transport and Trading Company and
Senior Advisor, Center for Strategic and International Studies
Tatsuo Masuda, Director, IEA
C. Norman Davidson Kelly, General Manager, BHP Petroleum
Malcom Butler, Director - Energy Division - HSBC
Partner, Gemini Ernst and Young
Gary Cardone, President and Managing Director, Dynegy Europe
William Garner, Director, Petrie Parkman
Michael Gibbons, Managing Director, Powergen


Invited Keynote Participants

Kenneth Lay, Chairman, Enron Corporation

HRH Prince Abdulaziz Bin Salman Al Saud, Deputy Minister of Petroleum and
Mineral Resources,  The Kingdom of Saudi Arabia
Tan Sri Dato Mohd Hassan Marican, President and Chief Executive Officer
Petron?s
Willy Olsen, Senior Vice President, Corporate Strategy, Statoil
Ahmed Al - Arbeed, Chairman and Managing Director, Kuwait Foreign Petroleum
Exploration
Mohamed Husain, KOC
Erik Ludtke, Head of Buenos Aires Office and Vice President, Duke Energy
Mishari Al Obeit, Kuwait Petroleum Corporation
H.E. Hisham Nazer, former Minister of Petroleum, The Kingdom of Saudi Arabia
Renato Urban, Vice President, ENI SpA - Agip Division
Steve Peacock, Vice President Upstream Digital Business,  BP
Ahmed Mecheraoui, Vice President, Sonatrach
Ibrahim Mishari, Vice President - Information Technology, Saudi Aramco
Bob Peebler, President, Halliburton Company
Stephen Thurston, President, Chevron Overseas Petroleum
Pierre Jungels, Chief Executive, Enterprise Oil
Mohammed Husain, Manager Planning, Kuwait Oil Company
Ronald Robinson, President - Technology, Texaco Inc
Euan Baird, Chairman, Schlumberger Limited

 <<Welcome to CWC Group - internet wording3.doc>> Tim Clark
Managing Director - CWC Group of Companies
Business Design Centre
52 Upper Street
London
N1 OQH
Switchboard + 44 (0)20 7704 6161
Direct + 44 (0)20 7704 9147
Fax + 44(0)20 7704 8440
Mobile 07712 835 310
E mail tclark@thecwcgroup.com

 - Welcome to CWC Group - internet wording3.doc