Re: IPE Brent language ,
 I made some changes to the language below assuming use for an ISDA.  My onl=
y=20
problem is that I am not certain that the IPE description is what we use=20
(I'll defer to your verification) but it appears each monthly calculation=
=20
incorporates pricing from three different delivery month contracts.  Sara

P.S.  I would like a copy of the Platt's marketwire if you can locate
----- Forwarded by Sara Shackleton/HOU/ECT on 06/19/2000 10:25 AM -----

=09Carol St Clair
=0906/16/2000 05:19 PM
=09=09=20
=09=09 To: Sara Shackleton/HOU/ECT@ECT
=09=09 cc:=20
=09=09 Subject: Re: IPE Brent language

Sara:
This is Greek to me.  Can you help?
carol

----- Forwarded by Carol St Clair/HOU/ECT on 06/16/2000 05:18 PM -----

=09Souad Mahmassani
=0906/16/2000 04:17 PM
=09=09
=09=09 To: Carol St Clair/HOU/ECT@ECT
=09=09 cc: Susan Flynn/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT
=09=09 Subject: Re: IPE Brent language

Carol,
Please advise on the below matter.  I currently have 5 Dated IPE Brent deal=
s=20
where a confirm has not gone out yet. =20
Thanks,=20





Susan Flynn@ECT
06/14/2000 05:17 PM
To: Carol St Clair/HOU/ECT@ECT
cc: Souad Mahmassani/Corp/Enron@ENRON=20

Subject: Re: IPE Brent language

Carol  -  can you respond to this for Souad?   Thank you!


Susan D. Flynn
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas  77002
Phone:  713-853-0975
Fax:  713-646-3490
----- Forwarded by Susan Flynn/HOU/ECT on 06/14/2000 05:06 PM -----

=09Souad Mahmassani
=0906/14/2000 04:02 PM
=09=09
=09=09 To: Susan Bailey/HOU/ECT@ECT
=09=09 cc: Susan Flynn/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT
=09=09 Subject: Re: IPE Brent language

Susan=20
We need your help on this language. Please see the below blue paragraphs,=
=20
particularly "Common Pricing" clause. =20
London wants us to add this in our Dated vs IPE brent spreads. This allows=
=20
the settlement of the deal to be based on only good business days for both=
=20
indices. =20
We got the permission from our (ENA) trader to use the languange in the bel=
ow=20
ENA-ECTInternational deals, but we are not sure about all other Dated vs IP=
E=20
brent deals.  Our trader has agreed to this because he has no position, but=
=20
ECTInternational is going to want this clause in all similar spread deals. =
=20
Please advise


  =20
=09Enron North America Corp.
=09
=09From:  Larry Joe Hunter @ ECT                           06/09/2000 09:30=
 AM
=09

To: Sheetal Patel/HOU/ECT@ECT, Souad Mahmassani/Corp/Enron@ENRON
cc: =20

Subject: Re: language? =20

Souad/Sheetal,

Do not revise these deals.  Show this language to our Crude guys.  We have=
=20
had a problem recently with the below.  The "Common Pricing" clause below=
=20
would mean that when IPE is closed then the price Platt's publishes that da=
y=20
would be void.  Our guys do not like that ideology.  Therefore, check with=
=20
them before doing this.  Also, we should get approval from legal before usi=
ng=20
the below.

Joe





Sheetal Patel
06/09/2000 09:18 AM
To: Souad Mahmassani/Corp/Enron@ENRON
cc: Larry Joe Hunter/HOU/ECT@ECT=20
Subject: Re: language?

Hi Souad,

The following deal numbers need to be revised.  They need to have the blue=
=20
language below in the confirms.  Let me know if you have any questions.

NJ1204
NJ1271
NJ1285
NJ1296

Thanks,
Sheetal :)
---------------------- Forwarded by Sheetal Patel/HOU/ECT on 06/09/2000 09:=
15=20
AM ---------------------------
From: Christopher Shapland on 06/09/2000 08:54 AM GDT
To: Sheetal Patel/HOU/ECT@ECT
cc: =20
Subject: Re: language? =20

Sheetal

I'm sorry - here you are!

Floating Price:

The mean of the arithmetic average of the daily high and low quotations for=
=20
Crude Oil Assessments published in the table entitled =01&Crude Price=20
Assessments: International US$/BBL: Brent (DTD)=018 in the issue of Platt=
=01,s=20
Crude Oil Marketwire ("Platts") that reports prices effective for such=20
Business  Days during the Calculation Period minus the average of the daily=
=20
settlement prices for the prompt month of the IPE Brent Futures Contract fo=
r=20
each Commodity Business Day for the applicable Calculation Period, with the=
=20
exception of the last Commodity Business Day of the prompt month on which d=
ay=20
the settlement price for the Second Nearby Month will be used.=20

Common Pricing:

Pricing to be effective only on the days when both the IPE is open and Plat=
ts=20
publish their dated Brent assessment.

Cheers

Chris
:)





Sheetal Patel
08/06/2000 22:51
To: Christopher Shapland/LON/ECT@ECT
cc: =20

Subject: language?

Hi Chris,

I have not received any language from you.  Just wanted to make sure you=20
didnt forget. =20

Thanks,
Sheetal :)
souad.mahmassani@enron.com