TGS ISDA ,
 Susan-

Attached is the revised credit worksheet for TGS removing the CSA.  Given 
that we will probably not have the ISDA executed by the time Argentina 
transacts with TGS (by the end of the month), we will need to confirm the 
deal including a Deemed ISDA per Sara's suggestions.

I advised Argentina that we were making no other changes to our format other 
than removing the CSA since this seems to be the major issue for TGS.  
However, we may want to hold off on sending the 2nd draft until commercial 
has a chance to advise TGS of our position.  I want to make sure that the CSA 
is really the only hurdle for them before we send the revised draft down.  I 
will advise when I have heard back from Argentina on their further 
discussions with the counterparty regarding the ISDA.

Let's discuss if any questions.



Regards,

Pat

---------------------- Forwarded by Patricia Cini/HOU/ECT on 10/20/99 04:47 
PM ---------------------------
   
	Enron North America Corp.
	
	From:  Patricia Cini                           10/19/99 06:12 PM
	

To: Rodolfo Freyre@Enron
cc: Jeff Kabel@Enron, Federico Cerisoli@Enron, William S 
Bradford/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT 
Subject: TGS ISDA

Rolo-

We can agree to sign the Master ISDA without the CSA.  However, we will be 
maintaining the BBB- MAC trigger, 3rd Party Event of Default at $15MM, and 
the Change in Ownership provision.  I do not want to agree to any of their 
changes other than removing the CSA.   

Please call me in the morning concerning the 2,500 ton/month LPG transaction 
regarding how we will want to confirm this deal.

Regards,

Pat
susan.bailey@enron.com