FYI.
----- Forwarded by Jeff Dasovich/NA/Enron on 03/07/2001 06:58 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	03/05/2001 05:50 PM

		 To: Alan Comnes/PDX/ECT@ECT, Angela Schwarz/HOU/EES@EES, Beverly
Aden/HOU/EES@EES, Bill Votaw/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol
Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Chris H Foster/HOU/ECT@ECT,
Christina Liscano/HOU/EES@EES, Christopher F Calger/PDX/ECT@ECT, Craig H
Sutter/HOU/EES@EES, Dan Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES,
Dennis Benevides/HOU/EES@EES, Don Black/HOU/EES@EES, Dorothy
Youngblood/HOU/ECT@ECT, Douglas Huth/HOU/EES@EES, Edward
Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES, Erika Dupre/HOU/EES@EES,
Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES, Frank W
Vickers/HOU/ECT@ECT, Gayle W Muench/HOU/EES@EES, Ginger
Dernehl/NA/Enron@ENRON, Gordon Savage/HOU/EES@EES, Harold G
Buchanan/HOU/EES@EES, Harry Kingerski/NA/Enron@ENRON, Iris Waser/HOU/EES@EES,
James D Steffes/NA/Enron@ENRON, James W Lewis/HOU/EES@EES, James
Wright/Western Region/The Bentley Company@Exchange, Jeff Messina/HOU/EES@EES,
Jeremy Blachman/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Joe
Hartsoe/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Kathy
Bass/HOU/EES@EES, Kathy Dodgen/HOU/EES@EES, Ken Gustafson/HOU/EES@EES, Kevin
Hughes/HOU/EES@EES, Leasa Lopez/HOU/EES@EES, Leticia Botello/HOU/EES@EES,
Mark S Muller/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES,
Meredith M Eggleston/HOU/EES@EES, Michael Etringer/HOU/ECT@ECT, Michael
Mann/HOU/EES@EES, Michelle D Cisneros/HOU/ECT@ECT, mpalmer@enron.com, Neil
Bresnan/HOU/EES@EES, Neil Hong/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Paula
Warren/HOU/EES@EES, Richard L Zdunkewicz/HOU/EES@EES, Richard
Leibert/HOU/EES@EES, Richard Shapiro/NA/Enron@ENRON, Rita
Hennessy/NA/Enron@ENRON, Robert Badeer/HOU/ECT@ECT, Roger Yang/SFO/EES@EES,
Rosalinda Tijerina/HOU/EES@EES, Sandra McCubbin/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Scott Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES,
Sharon Dick/HOU/EES@EES, skean@enron.com, Susan J Mara/NA/Enron@ENRON, Tanya
Leslie/HOU/EES@EES, Tasha Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri
Greenlee/NA/Enron@ENRON, Tim Belden/HOU/ECT@ECT, Tony Spruiell/HOU/EES@EES,
Vicki Sharp/HOU/EES@EES, Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES,
William S Bradford/HOU/ECT@ECT, Kathryn Corbally/Corp/Enron@ENRON, Jubran
Whalan/HOU/EES@EES, triley@enron.com, Richard B Sanders/HOU/ECT@ECT, Robert C
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Greg Wolfe/HOU/ECT@ECT, James
Wright/Western Region/The Bentley Company@Exchange, Dirk vanUlden/Western
Region/The Bentley Company@Exchange, Steve Walker/SFO/EES@EES, Jennifer
Rudolph/HOU/EES@EES, Martin Wenzel/SFO/HOU/EES@EES, Douglas
Condon/SFO/EES@EES, wgang@enron.com, Scott Govenar <sgovenar@govadv.com>,
Hedy Govenar <hgovenar@govadv.com> @ ENRON, jklauber@llgm.com, Mike D
Smith/HOU/EES@EES, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Caifornia GOP Calls for Emergency Legsilative Session to Address
Natural Gas

FYI. As if we weren't having enough fun with electricity....
Note last paragraph of press release calling on government to "get out of the
way" and "let the private sector solve the problems in the gas market."

Jeff

FOR IMMEDIATE RELEASE   CONTACT: James Fisfis
March 5, 2001        (916) 319-2071

GOP MOVES NATURAL GAS TO FRONT BURNER
Assembly Republicans join together once again to request Davis to call
special session.

(SACRAMENTO) ) Assembly Republicans united Monday in asking Governor Gray
Davis to call a special session of the California legislature to deal with
skyrocketing natural gas prices.

&Families and businesses are reeling every month from extraordinary gas
prices.  Pardon the expression, but the natural gas crisis no longer belongs
on California,s back burner,8 said Assembly Republican leader Bill Campbell
(R ) Villa Park).

Assembly Republicans unanimously signed a letter to Governor Gray Davis
asking for him to convene a special session of the legislature to deal with
California,s skyrocketing natural gas bills.  Republicans delivered the
letter to Davis this morning.

&A special session is both a symbolic and a practical necessity.  It tells
Californians that we care about their skyrocketing gas bills.  It tells
businesses everywhere that California is going to provide for its future
energy needs,8 said Campbell.  &Practically speaking, a special session also
allow us to pass legislation which can take effect immediately.8

Republicans believe the electricity and natural gas crises are inextricably
linked.

&California,s natural gas crisis is completely intertwined with its
electricity crisis,8 said Campbell.  &Any plan to deal with our electricity
crisis must have a natural gas component or Californians are going to pay
unacceptably high prices for both.8

Assembly Republicans believe the natural gas crisis has many fronts, all of
which could be addressed comprehensively by a special session.

&Natural gas issues include pipeline capacity, storage, exploration,
alternative fuels and conservation,8 said Campbell.  &A special session lets
us put together a comprehensive solution.8

&The private sector has the expertise and the capital to deal with these
issues if government would just get out of the way.  Republicans believe that
a legislative solution to the natural gas crisis should leave the resources
and primary decision-making to the private sector,8 said Campbell.

# # #
----- Forwarded by Jeff Dasovich/NA/Enron on 03/05/2001 05:44 PM -----

	Susan J Mara
	03/05/2001 05:14 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Today's Assembly GOP press conference - materials

in case you didn't see this

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 03/05/2001 03:12 PM -----

	"Costigan, Richard" <Richard.Costigan@asm.ca.gov>
	03/05/2001 02:51 PM

		 To:
		 cc:
		 Subject: Today's Assembly GOP press conference - materials

 <<press release.doc>>  <<Natgastps - rep legislation.doc>>  <<Republican
Energy Address.doc>>  <<QA.doc>>  <<DOE powerpoint.ppt>>

Attached are documents that were part of today's Assembly GOP press
conference on the pending natural gas crisis.  If you have any questions,
please call me.

Thanks,

RSC

Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
(916) 319-2071

 - press release.doc
 - Natgastps - rep legislation.doc
 - Republican Energy Address.doc
 - QA.doc
 - DOE powerpoint.ppt


Charles Schwab & Co., Inc.

Internet Daily for Wednesday, May 16, 2001
by Frank Barnako CBS MarketWatch.com

-----------------------------------------------------------------
Sony teaming with RealNetworks

Sony said Wednesday its PlayStation 2 video-game system will be
able to access streaming audio and video over the Internet
through the inclusion of software supplied by RealNetworks .
Under the deal, the parties envision video-game programmers
making use of bundled RealPlayer 8 software to include video
clips and studios shipping online movie previews. Sony plans to
offer a hard drive for the upgraded game system to store video
and music. Sony also said current PlayStation game console owners
will be able to upgrade their units to enable digital downloads.
The RealNetworks deal comes a day after Sony and AOL Time Warner
said the Internet-connected device would permit users to gain
access to AOL's Instant Messenger and e-mail.

-----------------------------------------------------------------
MusicNet service demo set

The chairman of RealNetworks is expected to make the first public
demonstration of the company's music subscription service on
Thursday, The Wall Street Journal reported. MusicNet's debut will
take place on Capitol Hill in Washington, where Chairman Rob
Glaser is scheduled to testify at a House Judiciary subcommittee
hearing involving music on the Internet. The session will be
Webcast.

-----------------------------------------------------------------
David vs. Goliaths

IBM has selected Norway's Opera Software to provide the Web
browser for its Linux-based NetVista Internet appliances.
"Signing with IBM is a major breakthrough," said Jon S. von
Tetzchner, chief executive of the Oslo-based company. "This
announcement is the first in a series that will show that Opera
has taken the lead in the Internet appliance market." The
announcement may be significant for both AOL Time Warner and
Microsoft, whose browsers were not selected. The deal "is
certainly something that the AOL folks would have liked to have,"
David Smith, an analyst with research firm Gartner Group, told
CNet News. "It sounds like Opera is muscling in."

-----------------------------------------------------------------
Online sales rise

Total spending on online sales increased from $3.5 billion in
March to $4.3 billion in April, according to a monthly survey
reported by Forrester Research, which said the number of
households shopping online stood at 15.6 million last month.
Consumers spent an average of $273 per person in April, compared
with $263 in March. Furniture and small-appliance category sales
rose by almost 250% from March levels, while sporting goods,
major appliances, toys and video games showed the biggest
declines.

-----------------------------------------------------------------
Yahoo puts sex chats in back room

Yahoo has made it more difficult for Web visitors to find its
sexually explicit chat rooms and clubs. A spokesman for Yahoo
denied a claim by some that the entire adult section had been
removed. Thousands of users have signed a petition protesting the
move by the company, according to The New York Times. "We haven't
made a decision one way or another," spokesman Jackson Holtz told
the Times. "This is an evaluation process," he said. About a
month ago, Yahoo backed away from agreements with sellers of
X-rated videos and adult-oriented products.

-----------------------------------------------------------------

For late-breaking market news you can't afford to miss, go to
http://CBS.MarketWatch.com/

#################################################################

Log in using the links below to:

Access your account:
https://investing.schwab.com/trading/start?SANC=CCBodyi&NeedCASelValue=Y

View your Email Alert customization options:
https://investing.schwab.com/trading/start?SANC=EAMyAlerts

Perform research or request a market quote:
https://investing.schwab.com/trading/start?SANC=Quotes

Place a trade order:
https://investing.schwab.com/trading/start?SANC=TradeStock

To visit Schwab's home page, use this link:
http://www.schwab.com/

-----------------------------------------------------------------

To unsubscribe or modify your Email Alert customization options,
log in using the link below or copy and paste it into your
browser's address window:

https://investing.schwab.com/trading/start?SANC=EAMyAlerts

Now you can receive graphics Email Alerts in HTML format,
using helpful, full-color graphics and active Web links that
connect you directly to information you want. Use the link
below to log in and change your email format preference:

https://investing.schwab.com/trading/start?SANC=EAEditEmailAddr

----------------------------------------------------------------

Notice: All email sent to or from the Charles Schwab corporate
email system may be retained, monitored and/or reviewed
by Schwab personnel. (1000-8752)

Copyright 2001 CBS MarketWatch. All rights reserved.
Commercial use or redistribution in any form, printed or
electronic, is prohibited.
Distribution by Quris, Inc.


Sam, I am forwarding this agreement to you.  This is the one that they said
was executed but they had not signed until we pressed them on it last week.
Good job!

Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693


Mike,

Check your email address for Ken

"Carson, Mike" <Mike.Carson@enron.com> on 10/25/2001 04:04:08 PM

To:   <m_besch@yahoo.com>, <chjohnson@hotmail.com>,
      <CDownard@vailresorts.com>, <suson@metronet.com>, Chuck
      Carson/Dallas/IBM@IBMUS, <Kencars@aol.com>
cc:
Subject:  FW: Wagon Crash

I recieved this from an OU fan!

>  -----Original Message-----
> From:   Chris Boyd <cboyd@localok.com>@ENRON
> Sent:   Thursday, October 25, 2001 3:47 PM
> To:     Mike Coats; Carson, Mike
> Subject:     FW: Wagon Crash
>
>
> > -----Original Message-----
> > From: Sean Sherman
> > Sent: Thursday, October 25, 2001 3:01 PM
> > To:   Jason Jones; Thad Miguez
> > Subject:      FW: Wagon Crash
> >
> >
> >
> > Manhattan, KS (AP)- Tragedy has struck the sporting world yet again.
>
> > In a scene that has become all too familiar to sports fans, one
> person
> > was killed and several others were injured as the bandwagon carrying
>
> > thousands of life-long Kansas State Wildcat fans ran out of control
> when
> > all but two people jumped off. The name of the deceased has not been
>
> > released,
> > pending notification of his immediate family. He is believed to be a
>
> > former
> > Dallas
> > Cowboys/Chicago Bulls/New York Mets fan, who was attempting a leap
> to the
> > Oklahoma
> > bandwagon.
> > The incident seems to have been caused by a 31-24 loss to Texas A&M
> > Saturday afternoon.
> > "You hear about things like this in other towns, but I never thought
> it
> > would happen here" said Bruce Snead, mayor of Manhattan.
> > Preliminary police reports indicated the wagon, which was recently
> > purchased from a dealer in Tallahassee, Fla., was in poor working
> > condition and could not handle the load from the hoards of Wildcat
> fans
> > that had climbed aboard.
> > "We were getting concerned that this might happen after the loss to
> > Oklahoma," said Manhattan Police Chief Fitzgerald High. "We really
> > became concerned after the CU game, but there were still only a few
> > folks jumping off here and there. Then came Saturday's loss and they
> all
> > jumped...the horror!"
> > The incident was not without heroes. Kansas State quarterback Ell
> > Roberson, without regard for his own life, attempted to throw a rope
> to
> > the bandwagon's driver to help bring the vehicle under control.
> > Unfortunately, Roberson drastically under threw the driver, catching
> the
> > axle of the bandwagon instead, and was unable to hold on to the
> rope,
> > fumbling away his opportunity to aid those in need.
> > K-State's Mark Dunn attempted a similar effort, but his throw was
> > intercepted by a nearby tree, never to reach the bandwagon driver.
> > Kansas State head coach Bill Snyder could not be reached for
> comment.
> >
> >
> Notice: This information is intended only for the person or entity to
> which it is addressed and may contain privileged and/or confidential
> material. Any retransmission, dissemination, review or other use of,
> or taking any action in reliance upon this information by persons or
> entities other than the intended recipient is prohibited. If you
> receive this transmission in error, please contact the sender, destroy
> this message and delete the material from any computer system,
> electronic storage, logs, archives, or other media. Information in
> this message that does not relate to the official business of Local
> Oklahoma Bank shall be understood as neither provided by nor endorsed
> by the Bank.
>


I had the same problems with this that you all do.  That is why I told
Gossett that if this is something that has to happen, then only people like
Joe Hunter and 1or 2 others should be allowed to change the c/p names ONLY.

Errol

	Enron Capital Management

	From:  David Baumbach @ ECT                           01/22/2001 09:39 AM

To: Bianca Ornelas/NA/Enron@ENRON
cc: Errol McLaughlin/Corp/Enron@ENRON, Kam Keiser/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT

Subject: Re: Credit Report

I don't thing that is an option.  If we give you the ability to change names
then you also have the ability to change other parts of the deals.

Dave

	Enron North America Corp.

	From:  Bianca Ornelas @ ENRON                           01/22/2001 09:30 AM

To: Errol McLaughlin/Corp/Enron@ENRON, Kam Keiser/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT
cc:
Subject: Credit Report

In order for our credit exposure to be recorded correctly, our group
(Financial Confirmations) would like to be able to change c/p names for all
desks going forward.  One person will be designated to handle all changes and
an email will be sent regarding these changes daily.  Please let me know how
you feel about this?

Thanks for your time,

Bianca


Attached for your review is a draft letter to Georges Fernandez.


Louise and Mark:
Union Oil's only issue relates to their concern about the long descriptions
on the Website and how conflicts between terms used in such descriptions and
terms that are defined in the Master are resolved.  Their attorney has
already reviewed the long descriptions and is still not comfortable with the
language in the ETA.  She would however be comfortable allowing the terms in
the long description control if such terms are used in the confirmations that
they receive for each trade.  Would this be an acceptable approach to take?

Carol


At the close of our very productive meeting yesterday, I promised to
circulate a brief update on California's electricity demand trends; it
appears below as an attachment at the close of a note I circulated
within NRDC earlier today, which I thought would be of interest:

Today should have been a severe test for the California grid:  we had
the third straight day of high temperatures throughout much of the state
and the Southwest (weather forecasts earlier in the week had prompted
warnings of rolling blackouts).  As I write this at 4 pm on Thursday,
average temperatures throughout the entire PG&E system are above 90
degrees.  But peak loads for the day will not reach 40,000 Megawatts,
and reserve margins are comfortable (about 15% at the peak hour).
California's last rolling blackouts occurred six weeks ago (and those
were very modest in scale).  It is far too soon to declare victory, but
these are hopeful signs, and they will help relieve pressure on the
Governor to crank up dirty emergency generators.  NRDC's updated
assessment of recent CA electricity consumption trends (attached again
just in case you've lost it) indicates that demand reductions clearly
are a big part of the reason why things are looking up.  There are
plenty of reasons for continued caution:  the entire West can get much
hotter, hydropower conditions in the Northwest remain awful,  and
complacency could shift demand back up quickly (much of the recent load
reductions represent reversible voluntary actions).

You can track the daily drama in detail at
http://www.caiso.com/outlook.html.

 - californiaconsumptiontrendsrevised.doc


-----Original Message-----
From: 	Chandler, Bob
Sent:	Friday, November 16, 2001 9:51 AM
To:	Lev, Jennifer
Cc:	Zahn, Gary; Walters Jr., Harry; McEllin, David
Subject:	FW: Information Request
Importance:	High

Could you please drop in the numbers Tracy is requesting (EGS IS tab for ETS and EOTT.
Thanks.

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Friday, November 16, 2001 9:00 AM
To:	Saunders, James; Chandler, Bob; Sommers, Jeffrey E.; Anderson, Michael; Stevens, Kirk; Giles, Valerie; Lindholm, Tod A.; Walker, Blake
Cc:	Zahn, Gary; Walters Jr., Harry
Subject:	FW: Information Request
Importance:	High

Please see the three tabs for EGS and complete for your business unit.  I will need this back to me by 2:00 today so I can consolidate and give to Corp by 3:00.  The numbers should be the ones consolidated to Enron only.

Jim and Bob, can you complete the EGS IS tab for me for ETS and EOTT.

Thanks

Tracy

 -----Original Message-----
From: 	Schwarzbach, Stephen
Sent:	Friday, November 16, 2001 8:16 AM
To:	Hodges, Georganne; Myers, Thomas; Geaccone, Tracy; Castleman, Kent; Ueckert, Allen W.; Smith, Kirk; Roper, Kerry; Vargas, Hope; Stubblefield, Wade
Cc:	Lindsey, Mark E.
Subject:	Information Request

Hello everyone.  I know that many, if not all of you, have worked on numerous requests/initiatives from the office of the chair and other teams lately.  That being said, we received a new request on Thursday night which is another look at some of the information your groups may have already provided, along with some other information.  Attached is a file, with the breakouts and formats as requested by management, containing four (for some of you, five) spreadsheets.  Please complete all of these sheets applicable to your business unit (note: dollars in millions).   The requested timing of the completion of this exercise is by 3pm Friday, November 15.  Please send the completed file back to me as soon as you are finished.  If you have any questions about the format or the contents of the file, please contact Michelle Nezi Marvin at 3-6848. For any other questions, please call Mark Lindsey at 3-1873.

Thanks,
Steve


ENA can confirm the transaction on our "omnibus confirmation" with one or two
minor changes (Joe:  please call me).
Also, ENA sent a draft ISDA Master Agreement to Puget Sound Energy on
3/9/99.  If you anticipate more financial trading, please let me know as we
should pursue execution of the ISDA Master Agreement.  Thanks.  Sara


here it is ... let's circulate to the usual suspects as well as fax to Ken's home.  Also, send it to dean.keller@ssmb.com and lemkau_kristin@jpmorgan.com.  We'll need to release before the market opens tomorrow.  I'm glad you're such a friend.

Mark


In an effort to streamline the corporate center and in recognition of the
growing capabilities of Enron,s regional Wholesale Business, Global Asset
Operations will be reorganized effective 1 May 2000.  Our current Global
Asset Operations functions will be decentralized and become a business unit
responsibility.
Enron will continue to operate all of its facilities under standardized
guidelines and procedures and compliance will be monitored through a formal
audit program as in the past.  However, our Wholesale Business Units will
assume responsibility for operation and management of their specific power
plants and other assets.
Operational Energy Corporation (OEC) will become the Enron Corp &Center of
Excellence8 for power plant operations.  The Gas Pipeline Group is the Center
of Excellence8 for pipeline operations.  OEC will reside in Enron North
America.  Jim Noles will be in charge of this activity.  Mark Dobler will
lead operations; and John Cates will lead the Development Support Activity.
John Cates, organization will continue to provide O&M estimates and due
diligence assistance to business units.  John will specifically approve O&M
estimates for corporate risk assessment decisions.  Jim Noles and this new
group will report to the Office of the Chairman in Enron North America.
The Quality Management Group (Audit Function) will be assigned to the Gas
Pipeline Group (GPG).  Don Hawkins will continue to head Quality Management
and will report to Phil Lowry, Managing Director, Operations, GPG. In
addition to managing the global audit program, Don will continue his
responsibility for standardized policies and procedures, the Crisis
Management Program, ISO 9000 certification, the Positive Impact Program,
operational reporting, and the Asset Operations Website.
The Environmental Health and Safety (EHS) Group led by Henry Van will report
to Mike Terraso, Enron,s Chief Environmental Officer reporting to Steve
Kean.  As in the past, Henry,s Group will continue to provide environmental
and safety support to the regional business units.
Enron,s Wholesale Business Unit,s can now choose from a variety of services
provided by OEC.  These include full turnkey O&M services, O&M estimates, due
diligence, and technical support for planned and forced outages.  Business
units are encouraged to take advantage of these services as they operate and
maintain the power plants in their businesses.
Kurt Huneke will help transition the Asset Operations activity as discussed
herein, while dedicating his full attention to Enron Wind Company as its
Chairman and CEO.
Please join us in wishing these groups success.


Virginia Guevara
408 Burchett 7
Glendale, CA 91203
MTCandyJar@aol.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Virginia Guevara


I was waiting but he did not bring it up.  Probably saving it.

From: Ben Jacoby/ENRON@enronXgate on 05/23/2001 02:14 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: Blue Dog

Did Jeff say anything on payment of the invoices?

-----Original Message-----
From: Mann, Kay
Sent: Wed 5/23/2001 2:11 PM
To: Jacoby, Ben
Cc:
Subject: RE: Blue Dog

 Steve Swift and Jeff Darst, although Jeff is off the call now.

 From: Ben Jacoby/ENRON@enronXgate on 05/23/2001 02:08 PM
 To: Kay Mann/Corp/Enron@Enron, Fred Mitro/ENRON@enronXgate
 cc:

 Subject: RE: Blue Dog

 OK. We can push back on the TECO term sheet call. Let Fred and me know what
works.

 Who at GE are you talking to?

 -----Original Message-----
 From: Mann, Kay
 Sent: Wed 5/23/2001 2:03 PM
 To: Jacoby, Ben
 Cc:
 Subject: Blue Dog

 I'm on the phone with GE.  Their initial response to the assignment stuff is
positive.  They want a letter which sets out the ownership of the LLC and
what we are doing on payment.

 I've been working on TECO term sheet, but I'm not sure I'll be done by 300,
depending on this call.

 Kay


Jin


Please have Gary review this message.
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/17/99 05:18
PM ---------------------------
From: Bruce Harris@ENRON_DEVELOPMENT on 09/17/99 04:31 PM
To: Gary Hickerson/HOU/ECT@ECT, Joe
Kishkill/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Harry Arora/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Kaye
Ellis/HOU/ECT@ECT, Bruce Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert H
George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pushkar Shahi/HOU/ECT@ECT
Subject: Re: Products for Trading in Brazil.

Gary and Joe,

We should probably have a conference call sometime next week to discuss how
we want to proceed on the financial derivatives/trading side.  I have  a
number of concerns which I share here.

First, we do not have a tax-efficient entity in which to trade.  If we set up
a Brazilian limitada solely for the purpose of trading, and we lose money, we
will generate Brazil tax credits.  Enron already has at least $25M of these
credits and I think we want to try to limit the possibility of generating
additional credits going forward.  In addition, there is a possibility that
Enron Corp. may begin limiting the utilization of these credits, so one might
end up with minimal tax benefit if there was a loss (creating an asymetrical
trading payoff).  I was hoping we could trade out of Elektro, but Lynn
informs me that any gains in Elektro will be subject to both US and Brazil
taxation.

Second, to the extent that we do take tax risk in a limitada, we still need
to fund (and possibly) guarantee the limitada.  Currently, the only way to
fund the limitada without being exposed to a whole host of tax/FX issues is
through equity.  However, equity is difficult to repatriate (it would be
repatriated probably only as far as Cayman for tax reasons) and we are
subject to convertibility risk.  In addition, earnings in the company could
most likely only be repatriated via shareholder loans (dividends would be
subject to US tax), meaning that the cash would have to come back into Brazil
when the loan expired (and then it would be sent back out if there was no
convertibility event).

Third, trading stocks on the Bovespa may create Chinese Wall issues with
regards to our ongoing M&A and Financing activities.  In all likelihood, one
would be trading energy/telecom stocks.  Those companies are also the ones
with which the ESA origination teams are trying to do business.  We might be
able to create a Chinese Wall, but given the size of the ESA office (not big)
and the limited scope of our intended trading operation, we have to consider
whether it is worth potnetially limiting those core activities to spec. trade
(or consider what cost would be incurred to ceate a Chinese Wall).

The other two products--money markets and futures--can be traded (albeit in a
more limited fashion) offshore.   Because money market instruments can't be
shorted locally, they are really just passive investment vehicles (like a
bank CD) off of which one trades the interest rate via swaps.  That is, you
are shortening or lengthening your investment horizon based on one's
expectation of rates and continually earning either a higher or lower carry
than market.  Most of this type of trading can be done offshore through
credit-linked notes (including R$ CDI, R$ prefixed and USD fixed) and
short-term Brazil Bradys.  Currency futures of course can be traded via NDFs.

In sum, I think we need to better define the type of trades we will do and
where we are going to do those trades.  My hope is that we can define a
couple of products/ideas we want to implement now and then figure out in
which entity to house that activity.

I will try to set up a conference call for next week on this topic.

Regards,  Bruce

Sara Shackleton@ECT
09/17/99 11:39 AM
Sent by: Kaye Ellis@ECT
To: Harry Arora/HOU/ECT@ECT, Bob Crane/HOU/ECT@ECT, Bruce
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gary Hickerson/HOU/ECT@ECT, Joe
Kishkill/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Kaye Ellis/HOU/ECT@ECT

Subject: Products for Trading in Brazil.

Please review the attached memo to verify that I have identified all of the
products that you are interested in trading in Brazil.  I will be in Sao
Paulo on Monday, September 20, 1999.

Thank you,
Sara


Greg and John,

I found that by reducing the volume per trade and increasing daily number of
trades ( keeping the
total volume per day constant), we can be more profitable.  This is partially
because in a trending market
we lose less money by following the market more closely. For example, suppose
market move from
$30 to $35. If per trade volume is 10,000 BBL, we take 6 trades of short
positions, the total MTM for that
day is (-5-4-3-2-1)*10,000=-$90,000 and total trading volume is 60,000 BBL.
 If per trade volume is 60,000 BBL, we take one trade, the total MTM is
-5*60,000= -$300,000.

Therefore it seems that by reducing per trade volume and increasing the
number of trades, we can be more
profitable as a market maker.

I rerun a scenario that Stinson sent to you on Dec. 27 where he used per
trade volume of 30,000 BBL.
I reduce the number of trade to 10,000 while increasing the number of trades
by 3.  Almost in all
cases, I saw increased profitability.  See the colume marked "Change" for
dollar amount change.

Please let Stinson or me know your thoughts on this.

Regards,

Zimin Lu

x36388

As a comparasion to


You warned me not to say disparaging remarks about our clients.  I am doing my best not to - although it is sometimes hard not to do so.

	However, I don't understand how these guys fire one of their two quants and then have the nerve to send the attached email?

 -----Original Message-----
From: 	Salmon, Scott
Sent:	Friday, May 25, 2001 11:45 AM
To:	Mack, Iris
Cc:	Kaminski, Vince J; Dhar, Amitava
Subject:	Report to Professor Duffie

Hi Iris,

I wasn't sure if you had already sent your report to Professor Duffie yet or not, but I've been thinking about ways that his group (or the Research team) could really add value in an area where we're admittedly weak - model testing.  If you haven't sent the report to him yet, perhaps we can request his opinions on best practices for testing models with limited quality out of sample test sets.  Obviously, I'd like to discuss this in detail with you as well, especially since you understand the characteristics of the models and data better now, but I'll do that via phone.  I'm hoping there are some statistical techniques we're currently ignoring that we can employ to maximize the testing we do and get a better handle on judging our accuracy.

If you've got some time Tuesday after our meeting where Mike catches us up on the D&B issues, I'd love to get your views as the model testbed is now in place and we're starting a model recalbration phase.  I'm least comfortable about our plans for stress testing the models once we've recalibrated them.

Looking forward to talking to you Tuesday.

Regards,
Scott


Attached are the revised files.  I understand that you will provide this to
Shankman.  Please let me know if you need anything else from me or if I can
help explain it to Jeff.


Nick,

Vince asked me to coordinate the planning for you August visit to Enron.
Vince and I are free almost any date except August 14 and 15th,  but we would
like to try and schedule your visit at a time when you could meet with other
key EBS executives such as Kevin Hannon and perhaps Ken Rice and John
Echols.    If you could send me a few of your preferred choices of dates, I
will try to optimize getting you on the calendars of these individuals.

By the way, Giuseppe is doing a great job and has already made a very good
impression on everyone he has worked with.  It's been a real pleasure having
him here for the summer.

Regards,

Stinson


---------------------- Forwarded by Phillip M Love/HOU/ECT on 11/21/2000
12:38 PM ---------------------------

Dawn C Kenne
11/21/2000 08:42 AM
To: "Amanda Barnard" <ajbarnard@houston.rr.com>, Jennifer Baer
<jbaer1@maine.rr.com>, Pam B Boxx/HOU/ECT@ECT, Michelle Bythewood
<rbwood@ix.netcom.com>, "Bythewood, Richard" <rbythewood@txi.com>, "derek
campbell" <derek.campbell@paslode.com>, PMDESMAR@earthlink.net, Linda J
Ewing/HOU/ECT@ECT, "garynkay" <GARYWGARRETT@email.msn.com>, Darron C
Giron/HOU/ECT@ECT, kristi.giron@cfisd.net, HeightsHappy@aol.com @ ENRON,
"Keeling, Ingelisa" <ikeeling@velaw.com>, "B. Kenne" <yona_edoda@yahoo.com> @
ENRON, "don e kenne" <donkit@tnaccess.com> @ ENRON, Mark Troyer
<mtroyer@swbell.net>, "Ray Vincent" <raylvincent@hotmail.com> @ ENRON, Eric
Wardle/HOU/ECT@ECT, Gary Wilson <gxwilson@us.oracle.com>, "Tracey Wilson"
<twilson@officefurnishings.com> @ ENRON, Jason Wolfe/NA/Enron@ENRON, Ed
Zajicek <e.zajicek@pentasafe.com>, Phillip M Love/HOU/ECT@ECT, Victor
Guggenheim/HOU/ECT@ECT, Matt Motsinger/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT
cc:
Subject: Fw: GREAT BUMPER STICKER

---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 11/21/2000 08:41
AM ---------------------------

"Max & Bev Fledderjohann" <maxnbev@wesnet.com> on 11/20/2000 10:23:12 PM
To: "Jim" <JUNAILBENDER@aol.com>, "GARY" <GARYWGARRETT@EMAIL.MSN.COM>,
<DAWN.C.Kenne@enron.com>
cc:

Subject: Fw: GREAT BUMPER STICKER

-----Original Message-----
From: The Thiemans <tthieman@nktelco.net>
To: Shirley Longworth <johntl@bright.net>; Nancy Roettger
<lroettger@woh.rr.com>; Margene Howell <Daisydog66@aol.com>; Marcia Beneda
<Marshy54@aol.com>; Judy and Larry Looker <llooker@infinet.com>; Jenny and
Doug Combs <ccombs@voyager.net>; Gen Conradi <gen1@bright.net>; Bev
Fledderjohnn <maxnbev@wesnet.com>; Becky Johnson
<bjohnson1@accesstoledo.com>
Date: Monday, November 20, 2000 2:55 PM
Subject: Fw: GREAT BUMPER STICKER

>
>----- Original Message -----
>From: Suchland, Bartt <BSuchland@thieman.com>
>To: Aaron Powers (E-mail) <apowers@tampabay.rr.com>; Annette (E-mail)
><anetrodnreel@hotmail.com>; Chris Keller (E-mail) <cbkeller@bright.net>;
Dan
>Suchland (E-mail) <suchsnow@aol.com>; Dar (E-mail) <daltman@blueridge.net>;
>'David Suchland' (E-mail) <dsuchland@yahoo.com>; Eric Koesters (E-mail)
><eric_koesters@motoman.com>; Holdren (E-mail)
><kelly_holdren@precision-strip.com>; Jay Jerger (E-mail)
><jerger@bgnet.bgsu.edu>; Jim A. Jerger (E-mail) <JergerJA@Maritz.com>; Mark
>Turner (E-mail) <tur_ner@yahoo.com>; Mark Weeks (E-mail)
><marksallwet@yahoo.com>; Matt Suchland (E-mail) <Msuchland@hotmail.com>;
>Michelle (E-mail) <thieman@bright.net>; Mike Tontrup (E-mail)
><firebird@bright.net>; Nikki Mescher (E-mail) <mescher10@hotmail.com>; 'Ron
>Tenkman (E-mail) <rtenkman@hotmail.com>; Ryan Scheib (E-mail)
><rscheib@bright.net>; Steve Williams (E-mail) <ayzig@hotmail.com>; Susan
Fox
>(E-mail) <susanf@b
>Sent: Friday, November 17, 2000 5:02 AM
>Subject: FW: GREAT BUMPER STICKER
>
>
>>
>>
>>
>>
>>
>>
>

 - GOre.jpg


Saudis Set to Select Firms for Gas Projects
The Wall Street Journal, 05/14/01

Cheney task force seeks input from interest groups
Associated Press Newswires, 05/14/01

COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001

Bush energy team covers all the bases
Chicago Tribune, 05/14/01

QATAR: UAE's Dolphin may seek new partners if Enron exits.
Reuters English News Service, 05/14/01

UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
Reuters English News Service, 05/14/01

Saudi Oil Council To Meet Tue On Gas Projects -Sources
Dow Jones Energy Service, 05/14/01

RFID chip will help speed up business
The New Straits Times, 05/14/01

India: Godbole panel report may suggest MSEB bifurcation
Business Line, 05/14/01

Tertiary will be primary
Business Standard, 05/14/01
Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)
La Repubblica, 05/14/01
Roundabout to the Oval Office
The Washington Post, 05/14/01
Largest LNG 13 Conference Opens Today
Korea Times, 05/14/01

International
Saudis Set to Select Firms for Gas Projects
By Bhushan Bahree
Staff Reporter of The Wall Street Journal

05/14/2001
The Wall Street Journal
A16
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- After more than two years of talks, Saudi Arabia is about to
announce its choice of international oil companies for three huge natural-gas
projects that will mark a reopening of the kingdom's energy sector to Western
investment, a quarter century after it was nationalized.
But the announcement, and the signing of memorandums of understanding early
next month, will mark only the beginning of serious negotiations on terms for
the three ventures, which together will need investment of some $25 billion.
It will be months before final agreements are signed.
"We expect to have an agreement -- a final agreement -- signed somewhere at
the end of the year, or, hopefully, the first quarter of next year," said
Saudi Oil Minister Ali Naimi in an interview last week.
Saudi Arabia's 11-member Supreme Petroleum Council is expected to meet today
to endorse the companies recommended by a ministerial committee led by
Foreign Minister Prince Saud al-Faisal. In the following week, Saudi Arabia
is expected to communicate its decision to the oil companies from both sides
of the Atlantic that have been vying for a role in the three projects. By the
end of the month, the chosen consortium members and Saudi officials are
expected to agree on which three companies will lead the projects. This will
be a prestigious role in a country that is the world's largest oil exporter,
has more than a quarter of the world's oil reserves and has the fifth-largest
reserves of natural gas.
As with any negotiations for such huge projects, industry rumors abound. All
three so-called oil supermajors -- Exxon Mobil Corp., Royal Dutch/Shell Group
and BP PLC -- have been mentioned as project leaders, particularly for the
plum Ghawar project, named after the world's largest onshore oil field, whose
environs are expected to yield large volumes of gas. The Ghawar project,
known as Core Venture 1, is projected to require about $15 billion in
investment. Core Venture 2 is on the Red Sea coast. The third project is in
Shaybah, a recently developed oil field in the kingdom's Empty Quarter, a
southeastern region bordering the United Arab Emirates.
The companies say they have no idea who will be named to the consortia, or
who the Saudis will choose from a short list of 11 companies -- Exxon Mobil,
Shell, BP, Chevron Corp., TotalFinaElf SA, ENI SpA, Enron Corp., Occidental
Petroleum Corp., Marathon Oil Canada Inc., Conoco Inc. and Phillips Petroleum
Corp. -- to lead each project. But they all have their hopes.
"We would be very disappointed if we are not the lead operator" for the
Shaybah project, said Archie Dunham, Conoco's chairman and chief executive.
Since Saudi Crown Prince Abdullah invited major oil companies to return to
the kingdom in October 1998, negotiations have focused on such broad issues
as the scope of the projects and their integrated nature -- from exploration
and production of gas to the making of petrochemicals and electricity -- as
well as the notion that the companies will need adequate returns on their
investment.
Soon, the project leaders will have to start the bargaining on such issues as
the roles to be played by national champions Aramco and petrochemicals
company Saudi Basic Industries Corp.
---
Alexei Barrionuevo in Houston contributed to this article.
--- Population Pressure

Saudi Arabia is opening up its energy sector, in a bid to bolster the
economy as population grows

-- Population
21.3 million (growing over 3.5% per year)

-- Unemployment rate*
27%-35% of males

-- Real GDP Growth Rate
7.6%

-- Oil Production
9.3 million barrels per day

-- Natural-Gas Reserves
204.5 trillion cubic feet

-- Natural-Gas Production/Consumption
1.68 trillion cubic feet

*Unofficial estimate for 1999

Note: Figures are estimates for 2000 except natural-gas production,
which is for 1999

Source: U.S. Energy Information Administration

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Cheney task force seeks input from interest groups
By SHARON THEIMER
Associated Press Writer

05/14/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - The White House team developing a national energy plan has
met with more than 130 interest groups, from environmentalists and unions
often at odds with Republicans to major Bush supporters given private
sessions with Vice President Dick Cheney.
The vice president, Cabinet secretaries and others on a special task force
have solicited ideas behind closed doors, hoping the privacy would encourage
a free exchange of ideas.
The White House has declined to provide names of participants - even to
Congress.
But interviews with participants detail a massive outreach where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
Houston-based Enron is the world's top buyer and seller of natural gas and
electricity.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
about a dozen to 100 interest group members and a few task force members and
staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining their
priorities.
At a half-hour meeting in late March with White House strategist Karl Rove
and Bush economic adviser Larry Lindsey, nuclear energy executives tried to
make sure the two knew about the production records the industry has set over
the past few years. At one point, Rove asked if anyone was looking to build a
nuclear power plant. An executive with Exelon replied that his company was
thinking about it, meeting participants said.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and about 100 coal industry representatives in
late April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
martial this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying and that task force members were carefully instructed on what was
permissible under federal law.
Cheney's meetings included Enron, Edison Electric Institute, California
Republicans, and the senators from Nevada, home to the proposed Yucca
Mountain federal nuclear waste site. The vice president plans to meet with
the renewable-energy industry this week.
Enron ranked among Bush's top 10 presidential campaign contributors, giving
more than $110,000, and helped sponsor a $7 million party fund-raiser last
month.
The Edison Electric Institute gave Republican candidates more than two-thirds
of its $193,000 in contributions last year. Edison International, whose
holdings include the Southern California Edison electric utility, is also a
major donor, giving $535,000 to Republicans last year and $330,000 to
Democrats.
Enron spokesman Mark Palmer said Cheney met with Enron executives because the
power wholesaler is a respected member of the industry, not because it was a
contributor. Enron wants the administration's energy plan to ease electricity
transmission bottlenecks, give companies incentives to invest in new
transmission and make the wholesale power market as open as possible, he
said.
Tom Kuhn, the institute's president, said it is "totally ludicrous" to think
political donations played a role.
Cheney's meeting with Edison board members, held at the institute's
invitation, lasted 15 minutes to 20 minutes. Cheney spoke about the task
force process, Kuhn said. He said Cheney's remarks were consistent with the
vice president's public statements.
Edison wants to see new generation and transmission systems built, including
coal, natural gas and nuclear and hydroelectric power, Kuhn said.
Democrats in Congress sought a list of participants in the meetings, but
Cheney's office responded by only listing broad categories and no names. That
has left fodder for political attack.
"You can't just take advice from one interest group or set of interest groups
when you do these things," said Dave Albersworth of the Wilderness Society,
whose group has met with Lundquist but was denied its request to talk with
Cheney.
Weiss countered that the energy task force has collected information from
more than 130 groups since January in an "almost Herculean effort" to draw
input from all sides.
"People deserve the right to petition their government and not expect a full
laundry list of who's called to be announced," she said.
Enron spokesman Palmer said he is not seeking such privacy. "I'm happy to
tell people what we're advocating for. I'd rather be talking about policy
than about politics," he said.
---
On the Net:
White House Energy Task Force:
http://www.whitehouse.gov/news/usbudget/blueprint/bud10.html

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

		COMPANIES & FINANCE UK: Independents drill deep to strike rich seams: A new
generation of smaller oil companies is emerging; a group that has discovered
how to be competitive, writes David Buchan: Financial Times; May 14, 2001
By DAVID BUCHAN

		The UK's listed small oil companies may have dwindled in number. But they can
rightly say, echoing Mark Twain's words, that reports of their collective
demise are exaggerated.
		Indeed, many in the UK-based exploration and production companies, dubbed
"independents" in the sense of being untied to any refining and marketing,
believe they have more of a role than when their kind first started operating
in the North Sea 30 years ago.
		After the takeovers in recent years of Lasmo, Monument and British Borneo,
there may only be about a dozen significant UK-based "independents" left. Yet
they amount to virtually the entire European E&P sector: the only significant
exception being Lundin Oil of Sweden.
		Many of the UK independents began life as local partners of US companies in
the 1970s when the Labour government of the period gave preference to
consortia with a local flavour.
		But this rationale disappeared when the Thatcher government took a more
free-for-all approach to letting anyone develop the North Sea - though at the
same time it did create the biggest UK independent by floating off British
Gas' oil interests as Enterprise Oil. Enterprise is the only UK independent
that is more than a niche or regional player. As such its E&P assets would be
a significant addition to an oil major, hence the persistently rumoured
interest in taking it over.
		As the North Sea became more competitive and difficult, some of the UK-based
independents began to look elsewhere. "Unlike US independents which have
always tended to be less interested in drilling outside North America, those
in the UK have always tended to be more sympathetic to exotic parts of the
world", says Mark Redway of Teather and Greenwood.
		Unfortunately, the obvious exotic new province that happened to open up in
the early 1990s was the former Soviet Union. One company, Ramco Energy,
dipped in and out very successfully, recently selling its 2 per cent stake in
the Azerbaijan International Oil Consortium for Dollars 150m (Pounds 104.8m).
		Other UK independents - Aminex, Soco and Dana Petroleum - ventured into
Russia and got stuck. While Aminex finds it hard to downplay Russia (because
it has little elsewhere), Soco these days stresses its Mongolia and Vietnam
operations. Another UK independent, JKX Oil & Gas, went into Ukraine, a
country notorious for non-payment of energy bills. With diplomatic help from
Tony Blair, the prime minister, JKX has just survived a legal attempt to rob
it of its Ukraine assets.
		Two other independents have sunk more fruitful roots in Asia. "Cairn Energy
now has as big a stake in Bangladesh's gas production as Shell, and it would
be left, if Enron (the US energy company) were to quit India, as the biggest
foreign player in India," says Iain Reid of UBS Warburg. Premier Oil is now a
substantial Asian gas company, with production in Burma, Indonesia and
Pakistan and long term contracts in Thailand and Singapore.
		But there are risks in these Asian ties. The obvious political one concerns
Burma. Last year the UK government asked Premier to quit Burma because its
presence was helping the military regime. Premier refused, and said it would
carry on.
		The other risk, according to Mr Redway, is economic and it applies also to
Cairn. Because there is no real world market for gas, Cairn and Premier are
"very dependent on the strength of the local economies". But then, Mr Redway
is an analyst who believes that independents' competitive edge lies in
exploration rather than production. He therefore rates Fusion Oil & Gas
highly as "the purest exploration investment opportunity in the E&P sector".
		Dana similarly vaunts its exploration expertise, but to a different end. Its
goal, according to Tom Cross, chief executive, is to find oil and then swap
exploration for production assets. "This avoids the expensive development
stage of building platforms and pipelines and so on". Then at the other end
of the spectrum are production-focused companies, such as Paladin, Tullow Oil
or Venture Production. Roy Franklin, Paladin's chief executive, makes no
bones about his company's scavenger strategy, spotting rich pickings
overlooked by the majors.
		The majors are not always ready to sell, particularly recently when the oil
price rise has widened the gap in price expectations between buyers and
sellers.
		But Paladin was last year able to buy PetroCanada's assets in Norway, and is
this year interested in bidding for some of what the Norwegian state is
selling off.
		As its name suggests, Venture Production, a private Aberdeen-based company
with North Sea and Trinidad operations, is focused on extraction, not
exploration. And so are other private companies such as Intrepid, Consort
Energy and Highland Energy, formed in the past three or four years. This new
generation of company tends to be more cautious than the older one.
"Exploration has probably been the best way to destroy shareholder value,"
says one executive.
		The other risk the new oilmen want to avoid is the vagaries of the stock
market. "By focusing on production, the new companies are more predictable in
terms of cash flow and earnings," says Mike Wagstaff, Venture's finance
director.
		Copyright: The Financial Times Limited

News
Bush energy team covers all the bases
Sharon Theimer, Associated Press

05/14/2001
Chicago Tribune
North Sports Final ; N
13
(Copyright 2001 by the Chicago Tribune)

The White House team developing a national energy plan has met with more than
130 interest groups, from environmentalists and unions often at odds with
Republicans to major Bush supporters.
Vice President Dick Cheney, Cabinet secretaries and others have solicited
ideas behind closed doors, hoping the privacy would encourage a free exchange
of ideas.
The White House has declined to provide names of participants even to
Congress.
But interviews with participants detail an outreach program where diverse
interests have met with task force executive director Andrew Lundquist.
Cheney's time has been reserved for meetings with more select participants
such as power wholesaler Enron Corp. and the Edison Electric Institute, both
GOP donors.
"The way the task force is set up, they don't have the staff or time to have
a huge host of companies come through the door. They have told us to work
through our associations to the extent we can," said Don Duncan, vice
president of government relations for Phillips Petroleum Co.
Participants said the meetings, typically 20 minutes to 45 minutes, included
a dozen to 100 interest group members and a few task force members and staff.
No details were disclosed. Instead, administration representatives summarized
the nation's energy problems or listened as groups briefly offered background
and proposals. Many sent detailed materials to the task force outlining
priorities.
Energy Secretary Spencer Abraham has attended several meetings, including one
with Teamsters President James Hoffa and an hourlong session in California
with Democratic Gov. Gray Davis, who contends the administration has done
little to help the power-strapped state.
Like other governors, Davis was asked to provide one page on the state's
power crisis, including a description of the problem, an anecdote about it
and possible solutions.
"They're asking for a one-page memo on possibly the biggest crisis ever
affecting the state, with a massive ripple effect for the nation," Davis
spokesman Steve Maviglio said. "I think it demands more attention than a
one-page memo."
Cheney spokeswoman Juleanna Glover Weiss said the task force has been
studying the California problem almost daily.
At a meeting between Abraham and 100 coal industry representatives in late
April, task force staffers handed out a briefing packet that outlined
national energy needs, and then they listened to industry proposals.
"I thought the purpose was one, to reassure people in the coal industry that
coal was going to play a large role in the energy mix, and essentially when
the plan is unveiled that they're going to be looking to people to help
marshal this through Congress," said Bill Banig, a lobbyist for the United
Mineworkers Union.
White House officials said the meetings are not designed to encourage
lobbying.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

QATAR: UAE's Dolphin may seek new partners if Enron exits.
By Kedar Sharma

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

DOHA, May 14 (Reuters) - Dolphin Energy Ltd (DEL) may invite new foreign
investors to join its project to route Qatari gas to the United Arab Emirates
as U.S. Enron Corp looks set to bow out, industry sources said on Monday.
"New partners are a possibility," Khaldoun al-Mubarak, project manager for
DEL, majority owned by the UAE's Offsets Group (UOG), told Reuters.
"But at the moment we are in the midst of finalising the formal (development
and production sharing) agreement with Qatar which should be done by
September at the latest."
Qatar and DEL in March signed a "commercial term sheet agreement" which
outlined the conditions of the upstream agreement for the long-awaited $3.5
billion project.
UOG currently owns 51 percent of DEL, with the remainder held equally by
France's TotalFinaElf and Enron.
"Enron is going through major global restructuring," Mubarak said. "(But)
they haven't officially notified us about their intention to pull out."
Enron officials declined comment.
Mubarak said interest in DEL was running high.
"Everyone is asking for a stake," he said.
The gas deal would entitle DEL to develop a tract of Qatar's giant North
Field and produce up to two billion cubic feet per day (cfd) of gas.
UOG is to invest $2 billion in developing the North Field tract, drilling and
setting up production facilities.
The remaining $1.5 billion would be invested to lay a pipeline and set up
receiving terminals at Dubai's Jebel Ali and Taweelah in Abu Dhabi.
First gas is targeted to reach the UAE capital Abu Dhabi by late 2004 or
early 2005. About one billion to 1.5 billion cfd of Qatari gas would be
consumed by utilities in Abu Dhabi with the remainder supplied to Dubai.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UAE: UPDATE 1-Saudi expected to name gas race winners on Tuesday.
By Peg Mackey

05/14/2001
Reuters English News Service
(C) Reuters Limited 2001.

DUBAI, May 14 (Reuters) - Saudi Arabia's Supreme Petroleum Council (SPC) is
expected to meet on Tuesday and announce the oil majors chosen for its
multi-billion dollar gas investment opening, industry sources familiar with
the negotiations said on Monday.
The sources said the SPC is expected to name ExxonMobil and Royal Dutch/Shell
as lead players in three so-called core projects involving the kingdom's
upstream gas sector - off-limits to foreign oil firms since nationalisation
in 1975.
Signing of memoranda of understanding (MOUs) would most probably take place
in early June, the sources said.
The anticipated announcement would mark the biggest advance in the kingdom's
gas initiative, valued at an initial $25 billion, since Riyadh unveiled its
energy investment opening over two years ago.
But the hard work has yet to start on the opening of Saudi Arabia's gas
sector, the world's fourth biggest. "The fiscal regime and regulatory details
have not been developed," said one source.
FINAL CUT
Riyadh is expected to trim back its original shortlist of 11 potential
foreign investors revealed last summer. Those companies had been grouped
under three core venture consortia - South Ghawar, Red Sea and Shaybah.
For ExxonMobil and Royal Dutch/Shell, securing the lead role in Saudi
Arabia's core ventures would entitle them to operate the package and get the
biggest slice of the projects, analysts said.
Other industry sources said ExxonMobil, the world's biggest energy company,
was tipped for the top slot in core venture 1 (South Ghawar) as well as in
core venture 2 (Red Sea).
Royal Dutch/Shell was in pole position for core venture 3 (Shaybah), the
sources added.
Both oil supermajors already have significant foreign investment in the
kingdom and feature as top customers of Saudi oil, the analysts said.
ENERGY DRIVERS
An urgent need to create jobs and grow the economy are driving Saudi Arabia's
landmark energy opening.
And analysts said big oil companies were prepared to help the kingdom achieve
those aims even if the return on their investment was relatively low.
"Major oil companies just cannot miss this opportunity," a source said. "The
gas projects will show profits."
But just how much revenue oil companies will generate by selling water and
electricity in the Saudi domestic market remains to be seen.
On paper, at least, the kingdom's domestic gas sector looks set for
impressive growth.
Domestic gas demand, now running at about 3.4 billion cubic feet per day, is
forecast to grow at more than seven percent a year over the coming decade.
Saudi Arabia has meanwhile made clear that its prized oil sector, the world's
biggest, remains off limits.
Even so, oil companies still hold out hope for eventual involvement in oil,
the kingdom's lifeblood.
"The companies are just as happy with gas, but oil remains the ultimate
objective," a regional analyst said.
"Saudi Aramco is still putting up strong defence barriers, but eventually
they could open up the oil sector once they feel comfortable working with the
majors."
The Saudi gas initiative seeks foreign oil companies' help in developing the
kingdom's known gas reserves as well as investment in downstream projects fed
by gas supplies, such as power and desalination.
The following companies have been shortlisted for the gas projects:
Core venture 1 (South Ghawar Area) - ExxonMobil, Royal Dutch/Shell, BP ,
TotalFinaElf , Chevron and ENI .
Core venture 2 (Red Sea Area) - TotalFinaElf, ExxonMobil, Marathon , Enron
/Oxy , Conoco , Royal Dutch/Shell.
Core venture 3 (Shaybah Area) - Royal Dutch/Shell, ExxonMobil, Marathon,
Conoco, TotalFinaElf, Phillips and Enron/Oxy.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Saudi Oil Council To Meet Tue On Gas Projects -Sources

05/14/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI -(Dow Jones)- International oil companies vying for a stake in Saudi
Arabia's downstream gas projects, expect to be notified soon on whether they
have been selected to participate, industry sources in the kingdom said
Monday.
Saudi Arabia's Supreme Petroleum Council is set to meet Tuesday and shortly
after, announce its final selection for each of the three core ventures on
offer, the sources said.
The Saudi Arabian committee negotiating with international oil companies on
the Gas Initiative, submitted its proposals for consortium members and
leaders to the country's Ministerial Council in April. These were then passed
on to the SPC for final approval.
Saudi Arabia's Crown Prince Abdullah, who heads the SPC, is in Bahrain Monday
attending a Gulf Cooperation Council leaders' summit along with Saudi
Arabia's foreign minister, Saud Al Faisal, who heads the gas negotiating
committee.
Saudi Arabia invited international oil companies in October 1998 to
participate in proposals for downstream gas projects and upstream gas
enhancement.
After a series of meetings between the negotiating committee and IOC's in the
past year, the following companies were shortlisted for each project.
Royal Dutch/Shell Group (RD), BP PLC (BP), Exxon Mobil Corp. (XOM), Chevron
Corp. (CHV), Total Fina Elf S.A. (TOT) and ENI SpA (E) for Core Venture 1,
the $15 billion South Ghawar Area Development.
For Core Venture 2, the Red Sea Development, Enron Corp. (ENE) and Occidental
Petroleum Corp. (OXY) are bidding jointly and Exxon Mobil, Total Fina Elf,
Marathon Oil Canada Inc. (T.M), Shell and Conoco Inc. (COCA) were listed.
And for Core Venture 3, the Shaybah area, Total Fina Elf, Conoco, Phillips
Petroleum (P), Enron and Occidental, Exxon Mobil, Shell and Marathon Oil were
listed.

With all those shortlisted expected to play some role, the immediate and
essential question for each of the IOC's is whether they will be selected to
lead and operate a project, with Core Venture 1 the most sought after,
industry sources said.
Exxon Mobil and Shell have been tipped as frontrunners for this venture.
The operator's role will be more crucial than ever here as it will be
responsible for directing further negotiations on the projects at hand which
will lead to final deals probably by year end.
Also, operators are expected to decide and direct how the project's
individual and large components will be developed, details the Saudis haven't
finalized, sources said.
The three ventures have been estimated at a combined value of about $25
billion.
-By Dyala Sabbagh, Dow Jones Newswires; 9714-331-4260;
dyala.sabbagh@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business
RFID chip will help speed up business

05/14/2001
The New Straits Times
Main/Lifestyle; 2*
26
(Copyright 2001)

THE combination of recently developed "stick-on" Radio Frequency
Identification (RFID) chip technology with a global positioning system (GSP)
will transform and quicken the pace of doing business in the oil and gas
industry.
And Malaysia must adapt to this shift to maintain her global positioning.
Global management and technology consultant Global Energy Strategy Practice
which is working in partnership with Accenture Sdn Bhd wants to promote this
idea locally.
Global Energy Strategy Practice partner Paul Spence said that applying this
latest combined technology, car owners can fill up a petrol tank without
resorting to human contact or to the use of a credit card.
Relevant personal data embedded in the RFID chip would be machine read and
the required quantity of petrol delivered, as if right out of a science
fiction movie.
This surreal development is made possible through the application of
ubiquitous-commerce (u-commerce) whereby computers and machines communicate
with each other to affect an impression of an omnipresent intelligence.
Such technology is economically available today. "There are technology
suppliers who are offering these capabilities."
The technology also has applications outside the oil and gas industry.
Communications between machines can now allow or deny access of individuals
to restricted zones.
In an interview in Petaling Jaya recently, Spence said: "A lot of my clients
now are asking, whether that same technology can be used to restrict access
into hazardous areas, plants or production sites.
"Can a warning alarm be fitted to the individual or to an assistant? There
are lots of safety, health and environment applications around that."
"Guru in the field" is another potential application where a combination of
RFID chips, video cameras, personal digital assistants (PDA) and personal
computers can deliver distant technical advice on- site.
"An industry client operating in the North Sea oil fields has a prototype
mounted on a workman's helmet which sends snap-shots to experts on the other
side of the world.
"The effect of this new combined technology on global financial and commodity
markets is to lock them in tighter correlation.
"The days of being able to arbitrage for profits between geographical markets
are shortening within the energy industry. Enron which is the biggest oil
trader in the US is now hedging on weather derivatives."
Accenture partner Lim Beng Choon said that to compete globally, the oil and
gas industry in Malaysia would have to implement this new technology to
remain connected to global markets.

Caption: Lim ... connected.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

India: Godbole panel report may suggest MSEB bifurcation

05/14/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

MUMBAI, May 13. THE second part of the Dr Madhav Godbole committee report is
expected to be submitted to the State Government on May 15.
While the first part of the report recommended renegotiation of the power
purchase agreement with Enron's Dabhol Power Company, the second part is
expected to suggest bifurcation of the Maharashtra State Electricity Board,
sources said. The committee, which has been given the mandate to negotiate
with Enron officials to make DPC power more acceptable, had a marathon
meeting on May 11 to finalise the second half of the report.
"The committee has been considering the bifurcation of MSEB," a source said.
"The idea is to try and separate the distribution from generation and
transmission." While generation and transmission can be controlled by the
State, there may be a suggestion to privatise the distribution arm. Over 1.5
lakh MSEB employees had gone on a strike to oppose a Bill to unbundle the
board into three divisions - generation, transmission and distribution - due
to fear of privatisation.
MSEB, the State's leading power company, has been facing huge losses due to
delay in payments and theft of power. The second part of the report is
expected to address the problem in detail.
Part one of the report submitted on April 10 had said: "...none of the
solutions espoused for independent power producers, in general, and DPC, in
particular, is tenable without the reforms of MSEB, especially its
distribution business, which it shall address in part II of the report."
The report is expected to "suggest appropriate measures to ensure that the
interests of the State, MSEB and electricity consumers of the State of
Maharashtra are properly and adequately considered, evaluated and
safeguarded," according to the terms of reference laid down when forming the
committee.
The committee originally consisted of Dr Madhav Godbole, Mr Deepak Parekh, Dr
E.A.S. Sarma, Dr Rajendra Pachauri and the State Energy Secretary, Mr Vinay
Mohan Lal. The MSEB Chairman, Mr Vinay Bansal, has been inducted as part of
the panel after the submission of the first part and before the beginning of
negotiations with Enron.
Archana Chaudhary

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

The Smart Investor
Tertiary will be primary
Indira Vergis

05/14/2001
Business Standard
2
Copyright (c) Business Standard

These are volatile times for world business. There are increasing jitters
that a slowing US economy could dampen prospects for the global economies.
Many developing regions, especially in Asia, are bracing themselves for a
bout of slightly lower growth.
But two countries, India and China which together account for about half the
region's gross domestic product (GDP_ will still continue to see their GDP
grow at six per cent, forecasts the Asian Development Bank.
Many Indian economists agree with ADB's projections. In fact, they view the
prediction of a six per cent growth in India's GDP as benign. Nearly 54 per
cent of India's GDP is delivered by its services sector and a modest
performance by this sector, some economists say, will be enough to hold up
the GDP at six per cent. There are others who hope that better agricultural
performance could prompt the economy to hand in a better scorecard.
However, the Indian industry remains trapped in the doldrums, suffering from
a lack of consumer confidence and investments. Very few economists expect to
see signs of recovery sprouting any time soon.
An interest rate cut is considered vital by many to energise the sector. And,
they argue, there are certain economic indicators that encourage such a move.
Inflation is running at very low levels and the nation's foreign exchange
reserves are currently high enough to provide a strong defence to the Indian
currency. Surprisingly, our trade balance, which threatened to spiral out of
control by surging oil prices last year, has been contained. Since then, oil
prices have retreated and are expected to remain subdued. While a rate cut
may go some way in reviving sentiment and activity in the industrial sector,
stirring up consumer demand will still hinge on a normal monsoon.
Rain, rain, come again
For many economists, the prediction of India clinging to its current GDP
level is heavily contingent on a normal spell of monsoon this year.
"According to our assessment, we believe the Indian economy will grow by
around 6.5 per cent this fiscal year," says Chetan Ahya, vice president at J
M Morgan Stanley Securities.
In 2000-01, agricultural growth withered under a poor monsoon and a
subsequent drought in many parts of the country. For the second year in a
row, growth in the sector sank below one per cent. It stood at 0.9 per cent
compared with 0.7 per cent the previous year. While agriculture accounts for
only 24 per cent of GDP, it remains the most keenly-watched sector by
economists. "The performance of the agricultural sector is important because
of its linkages to the economy both on the supply side and on the consumption
side," says Mohan Nagarajan, chief economist at Credit Analysis and Research
Ltd (CARE). "It would lead to a better performance of agro-based industries,"
he adds.
More significantly, roughly 60 per cent of Indians still depend on
agriculture for their livelihood. "A good crop means that demand for
everything, from everyday use goods like toothpaste to larger items like
tractors will pick up," says Nagarajan. Economists are hoping that a good
monsoon will budge growth in the sector to around 1.5 to 2.5 per cent.
In service of the economy
Another key sector economists will be watching out for will be services.
India's services sector ranging from finance, insurance, hospitality to
transportation and communication slowed its pace in 2000-01. With growth
weakening by a whole per cent to 8.4 in 2000-01, sluggishness in this
important sector has been blamed for dragging down the overall GDP. Most
economists expect the sector to post either relatively flat growth or edge
slightly higher this year. But, it's performance will be vital to ensure that
overall GDP holds at six per cent. "Even if the agriculture and industry
numbers fall again but services sees even seven to eight per cent growth, it
will be enough to keep the GDP around six per cent," says Nagarajan.
Construction activity a services component that includes housing, roads and
other infrastructure projects demonstrated surprisingly good growth of 8.7
per cent and is expected to maintain the pace. Road construction is tipped to
show increasing levels of activity as work on the ambitious highway linking
Mumbai, Delhi, Chennai and Calcutta intensifies.
Chiming in will be the housing industry, benefiting in recent years from tax
reliefs and attractive financing schemes, and which have encouraged more
people to buy houses.
Another segment slated to witness good growth will be IT-enabled services,
says Morgan Stanley's Ahya. "We are emerging as the services workshop of the
world," he says. IT-enabled services like call centres and data processing,
though currently generating tiny revenues, are slated to turn into big money
spinners in the years ahead.
The telecommunications industry will also see improving levels of investment.
"The penetration of services is so low, that it has an intrinsic high growth
rate," says Ahya. For a taste of the market, consider this: out of the 100
Indians, only one uses the Internet and less than three own a telephone.
A good home show
And there could be a pleasant surprise in store for industry amid all the
gloom over its performance.
Adequate liquidity conditions are spurring expectations of a cut in interest
rates. Broad money(M3) a gauge of total money available in the economy
increased 16.2 per cent in 2000-01 against 14.6 per cent last year.
While the Reserve Bank of India had cut the bank rate in March, the belief is
that a further cut of 50 basis points is imminent. The bank rate the rate at
which the central bank lends to commercial banks currently stands at seven
per cent. Aiding the cause is the inflation data which shows the wholesale
price index at a tame 5.84 per cent. With economists betting that oil prices
will remain in the $24-28 a barrel range, inflation is not expected to
exhibit the oil price-inspired gyrations of last year. A cut could coax the
industry to step up activity, though admittedly, much would still depend on
rural demand.
Neighbours' envy
And while many Asian countries watch with increasing nervousness the impact
of an American downturn on their economies, India and China can afford to
remain relatively placid about global developments. That's because they are
less dependent on the US for their own economic health. That is expected to
shield them somewhat from being blown off-course like some other Asian
nations by the ill-wind of an American slump in demand.
With exports making up less than 10 per cent of India's GDP, its economy is
clearly not export-driven. In contrast, nearly 35 per cent of Indonesia's GDP
comes from exports, 57 per cent for Thailand, and 50 per cent for the
Philippines.
Yet, despite claiming only a small percentage of GDP, India's exports
remained a bright spot amid some gloomy economic data. Exports raced ahead 20
per cent to $44.1 billion in 2000-01. It was the second consecutive year of
good exports growth. On the flip side, imports rose, too, during the same
period to Rs $49.1 billion. But non-oil imports, however, declined 15 per
cent to $34.2 billion. That helped narrow the trade gap to $5.74 billion from
$12.79 billion the previous year.
Still, India can ill-afford to ignore completely the risks of an American
slump in demand. The US is India's largest trading partner and, in 2000-01, a
quarter of its exports headed to that nation. Besides, by taking in nearly 70
per cent of India's software exports, it is also India's most important
software exports destination.
Booming software exports accompanied by remittances by Indians living
overseas have been the primary factors exerting a calming influence on
India's balance of payments of position, especially in times of economic
turbulence. For example, last year, while a surging oil import bill
threatened to rattle the nation's trade gap, inflows from
invisibles(including income from software and Indians living abroad) came to
the rescue helping India limit its overall current account deficit.
It's a sobering realisation that has compelled the National Association of
Software and Service Companies(NASSCOM) to lower its exports forecast to
between $8.5 billion to $9 billion from its previous figure of $9.5 billion.
Earlier, it had also revised estimates for 2000-01 lower to $6.2 billion from
$6.3 billion. Still, observers say it isn't a cause for depression.
"They are still talking about growth. It is a decline in the growth rate and
not an actual downturn itself," points out John Band, chief executive
officer, ASK-Raymond James and Associates. And remittances look set to
maintain their pace as well. "Most remittances are still from Indians who
live in the Middle East, and I don't see any slowdown from this segment,"
says CARE's Nagarajan. Remittances totalled $9.8 billion in the nine months
to December 2000. Software exports brought in $4.6 billion during the same
period.
Foreign institutions support
Another recent 'feel-good' sign has been evident in the stock markets too.
Between January and April 2001, eigners poured in Rs 7,368 crore into India's
equity markets - a phenomenal 15 per cent more than what they invested in the
whole of calendar 2000.
Yet, experts aren't reading too much into it. In the past few months,
investors have been fleeing from a shower of profit warnings in the US and
seeking cover in alternative investments. As they rejuggle their portfolios,
some money will inevitably flow into India and other countries, experts say.
Because it isn't affected so much by what's happening externally, they see
India as some kind of a safe haven," says ASK's Band.
Yet some hesitation
Recently, gunning for more foreign direct investments (FDI), the government
opened more sectors for foreign and private participation, including
pharmaceuticals, hotels, banking and astonishingly, even defence. However,
tempting FDI has always been a vexing issue for India.
In 2000-01, FDI did improve slightly, moving 26 per cent higher than the
previous year to $2.4 billion. Yet, China a market India is frequently
compared with in terms of size and potential attracted 20 times more FDI in
the same period. Economists now shrug off FDI as a tool to kick-start
investment in the country. "It's a pittance and it probably will remain
stagnant," says an economist at a foreign research house.
The reasons are not hard to find. Foreigners seeking to invest in India have
many fences to cross. Frequent changes in sector policies, chaotic
infrastructure facilities and nightmarish bureaucratic redtape have often
left foreigners tired and wary of doing business in India.
The stress of investing in India is most clearly visible in the recurring
concerns that have stubbornly dogged US energy giant Enron's 2,148 MW power
project in Dabhol in Maharashtra. After being forced to renegotiate a power
supply deal in 1995 after concluding it in 1992, Enron has hit the headlines
once again.
This time, an almost bankrupt state electricity board (SEB) refuses to pay
its dues for power received and the state government refuses to honour its
commitment to pay in case the SEB defaults.It's led to intense speculation
that, after suffering repeated snags for nearly a decade, Enron might simply
pull out of the project altogether. A disturbing turn of events, since, till
recently, Enron Corp was the biggest foreign investor in India.
It will not be the first time that exasperation will have egged on a foreign
investor to pull out of a project. Earlier, US-based Cogentrix Energy had
also walked out of its $1.5 billion 1,000 MW Mangalore power project citing
endless bureaucratic hurdles.
And there has also been some disappointment over India's much-hyped 300
million middle class which was supposed to be growing rapidly. Many
international firms, inspired by this figure, had scrambled to set up
operations to conquer a huge chunk of this market. Now many are struggling to
break even and still learning to adapt to local tastes a key ingredient for
success. That's why despite all its attempts to open up various sectors,
India still remains a tough sell.
Outlook
With a little help from the rains, India could notch up a growth rate of six
per cent. Many economists have also pointed out that a reforms-studded budget
could also inject some enthusiasm in the patient that is the economy. Strong
measures include plans to reform labour laws and government employment. These
are expected to boost the economy's development, though in the long run.
The recent opening up of various sectors could also revive sentiment,
although whether this will translate into FDI flows is arguable. Still, every
bit helps. The fact remains that it will have to persist in trying to
accelerate the pace of growth if its ambitions of turning into an economic
powerhouse are to be realised. After all, for the second most populous nation
in the world with one of the biggest markets, its economic power is still
nowhere near the figure its size suggests.

Acegas shares, potential for growth (Acegas, le potenzialita di crescita del
titolo)

05/14/2001
La Repubblica
41
Copyright (C) 2001 Abstracted from La Repubblica in Italian; Source: World
Reporter (TM)

Italian brokers Rasfin SIM have indicated the potential for growth in the
shares of Acegas, the former municipal utility of the Italian city of
Trieste. Acegas closed the first quarter of this year with turnover of L137bn
(+45 per cent). Results attributed in part to the start of production of
Estenergy, a consortium of the utilities of Udine, Trieste, Gorizia and Enron
of the US, which supplies energy and services to parts of Friuli.
Also significant, according to Rasfin, were investments over the period,
which totalled L43bn.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

A Section
IN THE LOOP Al Kamen
Roundabout to the Oval Office
Al Kamen

05/14/2001
The Washington Post
FINAL
A19
Copyright 2001, The Washington Post Co. All Rights Reserved

Sometimes even Cabinet officers can lose their way in the White House. So
there was Health and Human Services Secretary Tommy G. Thompson, clearly lost
Friday at a fork in a corridor near White House spokesman Ari Fleischer's
office.
"How do you get to the Oval Office?" he asked a group of reporters and was
directed to the right door, according to a wire report.
Fleischer, though, told reporters that was the wrong answer.
"How do you get to the Oval Office? First you win the Iowa caucus, then you
lose the New Hampshire primary, then you make a comeback in South Carolina,"
he quipped as he recalled President Bush's early primary campaign last year.
Passport, Please
Meanwhile, folks at Thompson's HHS may be taking to calling him "Tightwad
Tommy." Seems a memo went out March 15 undermining Alaska and Hawaii's claims
to be part of the United States.
Employees "must clear . . . international travel" with the office of the
deputy chief of staff for operations, said the memo from the deputy chief, Ed
Sontag. To clarify, "HHS employees seeking to travel outside the continental
U.S." for meetings and conferences, must get permission and then file trip
reports within two weeks.
This sent officials calling around, asking whether trips to those states were
to go through the international travel approval system just as if they were
going to Russia or the Congo.
Apparently so. The edict would appear to include even the nearby Virgin
Islands and practically next-door Puerto Rico as well. Loop Fans can only
hope this outrage doesn't spread to other agencies. It would make for some
cold winters.
Chewing Out on the Bush Beat
Speaking of Fleischer, the usually affable spokesman is not reluctant to get
tough with reporters when he believes they've stepped out of line.
Sheriff Fleischer was on duty Thursday and upset with Houston Chronicle
reporter Bennett Roth. Bush that morning urged parents to talk more to their
kids about the dangers of drugs.
Roth, at Fleischer's daily briefing, asked: "Ari, the president talked about
parental involvement today. How much has he talked to his own daughters about
both drugs and drinking? And given the fact that his own daughter was cited
for underage drinking, isn't that a sign that there's only so much effect
that a parent can have on their children's behavior?"
Fleischer responded brusquely: "No, I think, frankly, there are some issues
where I think it's very important for you all in the press corps to recognize
that he is the president of the United States; he's also a father. And the
press corps has been very respectful in the past of treating family matters
with privacy, and I'm certain that you're going to do so again. I hope so."
Fleischer later called Roth to chastise him, telling him his question had
been "noted in the building."
Competing to Oversee the Corps
Former Mississippi representative Mike Parker, a Democrat-turned-Republican
who lost a gubernatorial bid a couple of years back, had been seen as the
pick to be assistant secretary of the Army for civil works, overseeing the
Army Corps of Engineers.
Parker, a former undertaker, had support from the barge industry, the various
corps constituencies and fellow Mississippian Trent Lott, the majority leader
of the Senate.
But the Pentagon's choice was Lawrence Izzo, recently retired president of
Enron Engineering and Construction Co. who has been in the mix for several
jobs. Izzo, a West Point grad, had 23 years at the Corps before going to
Enron, former home of Army secretary-designate Thomas White.
The majority leader was said to be most unhappy. The latest word is Parker's
getting the job.
Ex-Reporters Move On
Kenneth J. Klein, a former reporter who has worked for 17 years for Florida
Sen. Bob Graham (D), most recently as chief of staff, is joining the Outdoor
Advertising Association of America as executive vice president for government
relations.
Former Washington Post colleague Thomas W. Lippman, a 33-year national,
foreign and financial reporter and author who became vice president of
communications at the World Wildlife Fund in 1999, is moving next month to be
managing director at communications consulting firm Chlopak, Leonard,
Schechter & Associates.
Confirmation Countdown
Staff writer Michael Grunwald contributed to this report.

http://www.washingtonpost.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Largest LNG 13 Conference Opens Today

05/14/2001
Korea Times
Copyright (C) 2001 Korea Times; Source: World Reporter (TM)

The largest-ever International Conference and Exhibition on liquefied natural
gas (LNG 13) opens today for a four-day run at the Convention and Exhibition
Center (COEX) in southern Seoul.
A total of 125 companies and organizations represented by 2,500 delegates and
exhibitors from 50-odd countries, including Japan, the United States, Britain
and Australia, are participating in the international event, co- organized by
the Korea Gas Union and the Korea Gas Corp. (KOGAS).
Commerce, Industry and Energy Minister Chang Che-shik will be delivering
congratulatory remarks on behalf of Prime Minister Lee Han-dong who is
currently on an official trip to the Middle East. There will be a visual
presentation from Lee during the opening ceremony.
``We have spent more than a year preparing for this international event which
is the largest in terms of the number of participants and exhibitors,'' said
Lee Seung-hwan, chairman of the Korean National Organizing Committee.
LNG 13 is 15 percent larger than the conference and exhibition held in
Australia back in 1998 which reflects the growth of the industry, Lee
explained, adding that the demand for LNG has been increasing rapidly here in
Korea.
A wide range of topics will be presented during the four days of conferences
and exhibitions, helping to showcase the importance of the LNG industry.
Among the numerous papers to be presented at the triennial event are ``Old
World, New World, Tomorrow's World: How LNG Has Changed Since LNG 12'' and
``The Next Generation of LNG Plants.''
``Hosting this meaningful event in Korea will help elevate Korea's image in
the international market, particularly with the sheer scale and size of LNG
13,'' said Kim Myung-kyu, president and CEO of KOGAS and chairman of the
Korea gas Union.
The conference will include paper sessions, workshops, poster sessions and
film presentations while exhibitors will demonstrate their exclusive
technologies for the exploration and production of LNG as well as plant
construction.
The official sponsors of LNG 13 are the International Gas Union, the Gas
Technology Institute and the International institute of Refrigeration while
the major sponsors are Shell Gas and Power, KOGAS, LG-Caltex, SK-Enron, the
Qatari Group, TotalFinaElf, British Petroleum and Exxon Mobile.
In addition to the conference and exhibition, there will be a technical visit
to the Inchon LNG Receiving Terminal in Inchon, about 50 kilometers west of
Seoul, on Friday.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


Dear Sir,
We thank you for your email and for your interest in our products.
In order to have a catalogue of our collection and information about them
we kindly ask you to contact the following dealer :

SCOTT + COONER
1400 TURTLE CREEK BLVD - SUITE 100A
DALLAS TX 75207-3334

Best regards

Zanotta SpA

_______________________________________

Zanotta spa - via Vittorio Veneto, 57
20054 Nova Milanese - MI - Italia
tel.+39.0362.4981 - fax+39.0362.451038
www.zanotta.it
_______________________________________


call me at 7138537176


EFF_DT PORTFOLIO_ID DOWN95
11/17/00 MANAGEMENT-CRD 0
11/17/00 MANAGEMENT-GAS 2,922,796
11/17/00 MANAGEMENT-PWR 196,716
11/17/00 AGG-MANAGEMENT 2,993,595


Content-Transfer-Encoding: quoted-printable
Date: Fri, 16 Mar 2001 09:01:51 -0600
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "Paul Fox" <pfox@bracepatt.com>
Cc: "Alfredo Perez" <aperez@bracepatt.com>, "Jeffrey Watkiss"
<dwatkiss@bracepatt.com>, "Mark Evans" <mevans@bracepatt.com>, "Ronald
Carroll" <rcarroll@bracepatt.com>
Subject: AP - Edison Creditor Secures Plant Lien
Mime-Version: 1.0
Content-Type: text/plain; charset=US-ASCII
Content-Disposition: inline

Thursday March 15, 9:14 pm Eastern Time

Edison Creditor Secures Plant Lien

By LESLIE GORNSTEIN
AP Business Writer

LOS ANGELES (AP) -- Breaking away from a pack of creditors owed billions by
Southern California Edison, Caithness Energy got permission Wednesday to
secure a lien against one of the utility's plants.

The judgment lets the New York-based electricity supplier to attach a partial
claim on an Edison facility in Laughlin, Nev. -- a move that could spur
bigger creditors to launch similarly aggressive approaches or even force
Edison into bankruptcy.

Caithness, which has two Nevada plants owed $20 million by Edison, was
allowed to attach the lien by U.S. District Judge Lloyd George of Las Vegas.

Once it becomes final in the next few days, the claim will be the first lien
successfully placed against an Edison asset since California's energy crisis
began last year.

An Edison spokesman said the utility will seek a stay of the order next week.

A lien allows a creditor a better chance of getting paid by laying claim to
all or a portion of any future sale of a property. The judge allowed
Caithness to file for a 56 percent interest in the plant, which employs 309
people and is valued at $530 million.

The energy was used by Edison to feed California's energy grid, Caithness
attorney Philip Korologos said Thursday.

Edison owes Caithness a total of $100 million, and another $20 million bill
will come due at the end of March, Korologos said.

``They took delivery of the power and they are supposed to pay us for the
power,'' Korologos said.

But whether Caithness will go after Edison's California assets is far from
certain. Korologos said he believed that some form of additional mediation is
required for California liens that might make such an option less attractive
in the utility's home state.

Edison's bigger creditors, including Reliant Energy of Houston, declined to
speculate on whether they will employ a similar tactic.

But industry experts said that the Caithness move could cause other, bigger
creditors to feel pressure to act more aggressively on behalf of
shareholders. The law requires only three major creditors to band together to
force Edison into involuntary bankruptcy; the utility has said it does not
intend to file on its own.

So far, most creditors have chosen to simply wait, or ``forbear,'' on the
Edison debts, having fielded repeated pleas by Edison to do so. At least four
creditors or groups of creditors have sued the utility for money owed but
have taken no further action.

A New York-based creditor last month unsuccessfully tried to attach a lien to
an Edison bank account without success, an Edison spokesman said.

Edison's problems began last year when, under California's 1996 deregulation
law, investor-owned utilities were forced to buy power on the soaring spot
market while limiting the rates they could charge consumers.

Edison and fellow utility Pacific Gas & Electric say they owe creditors a
combined $14 billion.