FYI:  We have several "Total" agreements.  I don't know the relationship.  
Are these commodities global?   SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 08/06/99 09:00 
AM ---------------------------


John J Shoobridge@ENRON_DEVELOPMENT
08/05/99 05:20 PM
To: Patricia Cini@ENRON_DEVELOPMENT, Sara Shackleton@ENRON_DEVELOPMENT
cc: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Federico 
Cerisoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gabriela 
Aguilar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don 
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rodolfo 
Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: Total's Master Swap Agreement

Pat,

I have faxed to you the financial statements of  Total Austral S.A..

We are potentially entering into a MSA with this customer. The first 
transaction we are thinking about is a financial Swap to hedge their 
Propane-Butane production in Caadon Alfa according to the following details:

1. Swap      Prices     Prices
SWAP (cents/ gallon) - Bid	1 year	6 months
Propane	35 3/4 	38 3/4
Butane	40 3/4	43 1/2

2. Put Option
Put Option (cents/gallon)	1 year - Premium	1 year - Strike	6 months - Premium	6 months - Strike
Propane 	2.5	32 3/4	2	35 3/4
Butane	3.0	37 3/4	2 3/8	42

Propane
Volume: 45.000 metric tons.  
Starting date: Nov 1    
Butane:
Volume: 19.000 metric tons. 
Starting date: Nov 1


Sara: Would you please start drafting an MSA with Total Austral S.A.? Please 
let me know if you need any aditional information.

Regards

John Shoobridge
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