[(b)(5)]

Enron International

1775 Eye Strert, WLIW, Seite 800
Waskinegten, OC 20006
(202) 466-9155

Fax (202) 39-4717
ry Qe enrom come

00500000001041


{(b)(4)}

1
00500000001472


Sone Nondoy, January 22 2001 3:14 PM
To: julos, Greg; Grewe, Maureen; Mills, Marshall; Sampliner, Gary; Clapp, Gene
Subject: RE: India/Dabhol Meeting

We will go ahead and have the meeting on Wednesday January 24 at 3 pm. This time works
for Greg as well. Thanks, geetha

eiahe Original Message-----

Prom: Christopulos, Greg

Sent: Monday, January 22, 2001 3:04 PM

To: Rao, Geetha; Grewe, Maureen; Mills, Marshall; Sampliner, Gary;
Clapp, Gene ‘
Cc: Radelet, Steve

Subject: RE: India/Dabhol Meeting

Is there a chance this meeting can be moved up an hour or so?

<s- Original Message----~

From: Rao, Geetha

Sent: Monday, January 22, 2001 3:01 PM
To: Grewe, Maureen; Mills, Marshall; Sampliner, Gary; Christopulos,
Greg; Cla Gene

Cec: Radel Steve

Subject: FW: India/Dabhol Meeting

Attached is background material for the Enron meeting on Wednesday. Pls. note Mr. John
Hardy will also be attending.

-+--+-Original Message----~-
From: Tom.Briggssenron.com [mailto:Tom.Briggs@enron.com)
Sent: Monday, January 22, 2001 1:54 PM

To: geetha.rao#do.treas.gov

Subject: India/Dabhol Meeting

Geetha,

My apalesies for the delay in sending this material. I have lost both my
regular assistant and my temp so I am a bit overwhelmed.

ohn Hardy will be attending the t: t ¢ 3.[(b)(6)
. mene ry ey ee

address of the meeting I would appreciate it. I managed to lose that as
well.

John and I have a brief agenda: 1) we want to update you on Dabhol and 2)
we want to discuss way in which the USG may become involved in encouraging
market reform necessary to extract value out of our wating asset.
Specifically, we want to focus on refgorm at the Indian federal level that
will be necessary to deliver power to customers other than MSEB.

We look forward to meeting you tomorrow.
(See attached file: Dabhol PPA - DC Talking Points.doc)

00500000001468


Rao, Geetha

From: b\(6

Sent: {one MN cceembee 03, 2001 10:14 PM

To: Geetha, Raodido.treas.gov

Subject: Re: FW: Comments on Investment papers for Dam's book

Geetha, thanks for these. I'll read tonight and we can
chat in the morning. I agree that we need a nove on the

Enron case.

>

>

> > -—Original Message-——

> >From: Rao, Geetha

> >Sent: Monday, September 03, 2001 11:29 AM
> > To: McDonald, Larry

> > Subject: Comments on Investment papers for Dam's book
> > Importance: High

>>

>>

{(b)(5)]

> Please comment and we would need to send back to ITI for their approval.
> Thanks!

>

>

> <<Indiainvt climatel.doc> > <<Briefing on OPIC-Dabhol.doc> >

VVVVV

00500000002243


Enton

Toe Mbiugy
From: Margaret Kuliow ? a
To: DONOVANM
Date: 2/3/00 10:53am
Subject: RE: Bolivia Article IV Reply -Reply

haven't seen the cable and would love a copy, thanks

>>> Meg Donovan 02/03/00 10:41am >>>

‘Thanks Erik... appreciate the update, On the PRSP/HIPC section, do you know if Laure be forwarding us a copy? |
think there was some confusion at the meeting with TFG last week as to our position on Bolivia and just wanted to
make Sure everyone was on the same page.

Also, I'm sure everyone probably saw lt, but yesterday's cables from State included a review of problems due to
flooding and subsequent breakage of an Enron pipeline in Bolivia together with preliminary environmental impact
assessment,

>>> ex.mai.“EWEISMAN2@imt org” 02/03/00 10:27am >>>
Meg.

[OUTSIDE SCOPE , (b)(5)]

‘Thank you, Mr. Chainman,

[Opening sentence - addressing multiple documents)
Article IV

[OUTSIDE SCOPE , (b)(5)]

00500000000457


[(b)(5))

01200000000707


[(b)(5)]

01200000000705


{(6)(5)]

012000000007 11


9 39 9'°9'9:3'33 33933:99:55 3 I9 939993393

_ afeies. -

Baim Ohne
{(b\()]

f.
|

01446

01200000000802


Gods § ~~  e

[(b)(5)}

01200000000698


{(b)(4) , (b)(5))

00500000001179


{(b)(4)]

00500000001473


{(b)(5)]

00500000000200


S

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00500000001422


[(b)(5)]

00500000001042


{(b)(5)]

>>> ex.mail."tcrawlord@worldbank.org” 12/13/99 05:37pm >>>

{((b)(5))

Just thought you might want to know.
————————- Forwarded by Todd W, Crawford/Person/World Bank EDs on
12/13/99 05:30 PM

Orsalia
12/0/88 08:37 AM
Extn: 62636 Loc3e

To: Todd W. Crawford Eds
co

Subject: DR Power Sector - Cogentrix

Todd:

Please see the attached from Max.

As you know, the Bank, IDB technical staff, and members of IDB senior management
have raised concems, but with very limited success. Orsalia

———-—. Forwarded by Max B. Pulgar-Vidal/Person/World Bank on

12/1089 05:38 AM ——_—_—_——_——

Philippe LP. Durand
12/09/09 05:55 PM
Extn 33244 LCSFE

00500000001185


[(b)(4) , (b)(5)]

00500000001178


Stewart, Elizabeth K.

From: Rao, Geetha

To: & Ba rGvens Maureen; Mils, Marshall; Cristopulos, Greg: Clapp, Gene; Stewart,
Sree reser one ee oe
Ce: Radelet, Steve

Subject: RE: India/Dabhol Meeting

John Hardy from Enron left a message this morning to inform us that Enron is plani on calling the GOI rantee for
toe GEE'S missed payments tomorrow, Around 90 days 893. Caron moked the Sate guareriee for EB's payments
which the State did not honor, as of tast Thursday's . In the meanwhile MSEB submitted a small payment (approx
$2 million). The State had one week to submit the payment to Enron but opted to put in place an expert committee to
review the Dabhol situation instead. In other news, Enron is close to selling its 30% stake in oll/gas fields offshore of
Maharashtra and Gujarat.

00500000001444


[OUTSIDE SCOPE , (b)(5)]

b. The Enron pipeline spill... Enron has sent in a planeload of
experts to deal with the resulting damage and has assured the
(GOB that cost |s not a consideration.

Thanks Laure...
>>> ex mail. LREOIFER@imi org” 02/02/00 05:35pm >>>

Laure editorial commants are italicized. I'm serxfing this to Karin at
home

0500000000461


[(b)(5)]

01200000000713


Turkey -- Electric Power Plant Tab7

{(b)(5)]

00500000000205


From: ex. mail.“Icrawlord@worldbank.org”

To: ex mail( gay. sills”,"greg.christopulos”,"hofschire...
Date: 8/25/99 2:22pm

Subject: Dominican Republic -- US Concerns Follow-up

FYI, attached a message from the World Bank's country director indicating follow
up action she took in Dominican Republic pursuant to concems we had raised with
her about the investment climate.

Forwarded by Todd W. Crawford/Person/World Bank EDs on
(08/25/99 02:20 PM

Orsala Kalantzopoulos
08/12/99 04:55 PM
Extn: 82636 Loc3c

To: Todd W. Crawford Eds
co:

Subject: Dominican Republic - US Concems Follow-up
Todd:

J was in the OR this week for couple of days, During my visit | met with USAID
‘and staff from the economic section of the US Embassy. {(b)(5)]

Please give me a call if you would like to discuss this further. Regards,
Crsata

Todd Crawford
Advisor, Office of U.S. Executive Director

Phone: 202-458-0112
Fax: 202-477-2967

email; tcrawford@woridbank.org

00500000001213


From:
To:
Date:
‘Subject:

[(b)(5)]

ex.mail.’

ex.mail( Bruce,
11/19/99 10:51am
Re: OR Power Project

org”
|_Juba%iadb@worldbank.org’),Oom13.00P..

00500000001209


Brazil -- Telephone Billing Services Tab 4

{(b)(5)]

00500000000202


Brazil - Construction of a full service business hotel Tab3

{(b)(5)]

00500000000201


tonight and we hope to issue a written statement in the morning.
Please get
comments to me tonight, if possible, if not, first thing tomorrow.

I'm sorry
about the tight timeframe. If tonight, please send to my home

address
“wedifer@detinet.com” to ensure | get it.

NOTE THE BIG ISSUE IS WHETHER OR NOT WE ARE
PUSHING FOR AN IMPLEMENTATION

PERIOO AFTER PRSP IS COMPLETED. This is written, per

Karin’s instructions:
based on conversations with Bill, that we are pushing for an

period. We may wish to consider again [OUTSIDE SCOPE , (b)(5)]

<<Bolivia-AnV-PRGF-HIPC-02-04-00.doc>>

cc: ex.mai William. Schuerch”, "Margaret Kublow","“CCUR..

0500000000462


Argentina — Electricity Distribution Tab 6
{(b)(5)]

00500000000204


{(b)(4) , ()(5)]

00500000001180


Gabilondo, Jose

From; Carleton, Norman
Sent: Thursday, December 06, 2001 4:25 PM.
To: Bair, Sheila; Berardi, Steve; Bitsberger, Trnothy, Eichner, Matthew, Gabilondo, Jose; Gross,

Jared, Hammer, Viva; Lori Sanatamorena (E-mail); Nickoloff, Peter, Novey, Michael,
li, Fred; Roseboro, Brian; Schultheiss, Heidilynne; Whaley, Jean, Wiedman, Mark
Subject: DJ: Enron's $1.58 DIP Loan Syndication To Start Next Week

December 6, 2001

Enron's $1.5B DIP Loan Syndication To Start Next Week

By CAROL S. REMOND
Of Dow Jones Newswires

NEW YORK -- Enron Corp.'s (ENE) $1.5 billion interim financing package will be marketed for syndication
beginning next week.

A final term sheet for the deal, which was preliminarily approved by the bankruptcy judge who oversees Enron's
reorganization on Dec. 3, is now in the process of being finalized, people familiar with the matter said Thursday.

J.P. Morgan Chase & Co. (JPM) and Citigroup INC_ (C), Enron's two lead banks, have been organizing the
rescuc loan, known as debtor-in-possession, or DIP, financing.

That money is needed for the company to continue to operate and to protect any value left - value that could be
crucial for creditors to recoup any of their losses.

Under the terms of the deal, Enron has already received $250 million from J.P. Morgan Chase and Citigroup.
Another $250 million is expected to become available in the next couple of weeks, after Enron's lenders approve
the company new business plan.

The final $1 billion in funding is contingent on final approval of the court and successful syndication of the
Joan. Some of that last installment will be used to repay a $550 million loan extended by Citigroup and J.P.
Morgan Chase to Enron last month.

Although Enron's rapid fall has left a number of financial institutions exposed to the company’s fiscal and
accounting woes, the people familiar with the matter said they expected most syndicate players to be interested
in taking on some of the DIP financing. In a loan syndication, lead lenders offload a large part of the loan onto
other banks, thereby sharing the risk with the so-called syndicate group.

Most banks are willing to take on DIP lending because such exposure is senior to all other claims in bankruptcy
court. DIP loans are also attractive because they carry higher interest rates,

In the case of Enron, DIP financing comes at a cost of 350 basis points (3,5 percentage points) over the London
Interbank Offered Rate, or LIBOR. That's 100 basis points wider than the rate under which Citigroup and J.P.
Morgan Chase recently loaned $1 billion to Enron, which consisted of a $550 million loan secured by Enron's
Transwestern pipeline and a $450 million loan secured by the company’s Northern Natural Gas pipeline.

The final DIP package is scheduled to be approved by the bankruptcy judge on Jan, 7.

Meanwhile, J.P. Morgan Chase and Citigroup are said to continue working with UBS AG (UBS) on a plan to
form a joint venture under which UBS' subsidiary UBS Warburg would take over Enron's trading operations,

s

00200000000643


'FR 22 2081 10 15 FR Emo TO 622237

FAX COVER SHEET

ENRON, WASHINGTON
1775 Eye Street Steet, N.W.
Washington, DC 20008

202-828-3360

202-828-3372 (fax)

TO: Marshall Mills
FROM: Ton br eka
FAX #: GOA ~°°3>
RE: font

DATE: _

Number of pages Including covor sheet: >

Message:

P.e1-es

00800000000010


Jamaica -- Resort Hotel Project Tab9
{(b)(5)]

00500000000207


Turkey -- Electric Power Plant Tab 8

{(b)(5)]

00500000000206


[(b)(5)]

012000000007 12


0
[OUTSIDE SCOPE , (b)(5)]

Electricity reform law generates more controversy: On Thursday, Parliament approved an article of the law
extending the deadline for the completion of contracts to transfer operating rights (TOR) for electricity
distribution from March 31 to June 30. The draft law to end the state monopoly on power production and
distribution, has been part of World Bank and Fund conditionality since early last year, The Turkish
authorities did miss the structural performance criterion of enactment by February 15, but passage of the
whole law and enactment are expected next week, {(b)(5))

[OUTSIDE SCOPE , (b)(5)]

00500000001566


{(o)(5)]

ce; ex.mail(-William_Schuerch %wiliam. schuerchdo. trea...

00500000001211


Strickler, Marie

—
From: McCardell, Dan
Sent: Thursday, January 17, 2002 12:20 PM
To: Strickler, Marie
Subject; Enron Summary for OPL
freon arwary
OP tee

00800000000576


{(b)(5))

Todd

From: Bruce Juba/IDB-HO/IOB@IADB on 11/17/99 01:29 PM

To: William Schuerch@Wilkam Schuerch@0o, Treas. Gov@Smip@ladb, David
Bloomgarden@David.Bloomgarden@Do. Treas. Gov@Smip@iadb, Grog
Christopulos@Greg. Chxistopulos@0o. Treas, Gov@Smip@iadb

cc: Lawrence Harringlon/idb-Ha/ldb@ladb, Todd W, Crawiord Eds

Subject: DR Power Project

{(b)(S))

00500000001210


Bair, Sheila

SS —

From: Bair, Sheila
Sent: Tuesday, January 08, 2002 4:06 PM
To: Carleton, Norman
Subject: RE: PWG's Report on OTC Derivatives and the CEA
thanks
Onna Messsg¢-—
From: Carketon, Norenan
‘Sent: Tuesday, January 06, 2002 2:51 PM
To: Bair, Sheila
Ce: Roseboro, Brian; Basberger, Timothy; Wiedman, Mark; Gross, Jared; Schuithelss, Meidilynne; Nickolof?, Peter
Subject: PWG's Report on OTC Derivatives and the CEA
Sheila,
{(b)(5)}

01200000000929


Brazil -- Cellular Phone Service Tab 5

{(b)(5)]

00500000000203


ENRON MEETING WITH TREASURY
IPP Dispute with GODR

February 18, 2000
Enron: David Shields, Executive Director Caribbean Region

Treasury: Gay Sills, Greg Christopulos, Gene Clapp, Elizabeth Stewart, Gary Sampliner, Meg
Donovan

Note: Enron distributed a chronology of the dispute entitled “Summary of Debt Crisis of the
Independent Power Producers”

{(b)(4) , (b)(5)]

"7

00500000001177


[(b)(5)]

012000000007 10


The legisiative history of the Futures Trading Practices Act of 1992 directed the CFTC to use its new
exemptive authority for three classes of instruments: swaps, hybrids, and energy contracts.

Mr. Raisler sald that the definition of swap contained in the swap exemption did not clearly cover forward
Contracts that might be considered futures. The energy coalition was concerned about contracts, such as
Brent contracts, that called for physical delivery of the commodity but that, as a matter of practice, were often

offset by other contracts. By their terms though the contract called for delivery, and it was not clear that these
were “swaps” as then defined (or not).

{(b)(5)]

Norman

01200000000927


Sent Monday January 22, 2001 3:01 PM
To: Grewe, Maureen; Milis, Marshall; Sampliner, Gary; Christopulos, Greg; Clapp, Gene
Subject: FW: India/Dabhol Meeting

Dennet FPA OC

Teaeghoms.. Attached is back; material for the Enron meeting on Wednesday. Pls.
note Mr. John Hardy will also attending,
«----Original Message----~-

Prom: Tom.Srigge@enron.com (mailto: Tom. Briggs@enron.com)
Sent: Monday, January 22, 2001 1:54 PM

To: geetha.rac@do.treas.gov

Subject: India/Dabhol Meeting .

Geetha,

My apologies for the delay in sending this material. If have lost both my
regular assistant and my temp so I am a bit overwhelmed

John Hardy will be attending the meeting tomorrow at 3. [(b)(6)]

If you could r me of the
a su of the meeting I would appreciate it. I managed to lose that as
well.

John and I have a brief agenda: i) we want to update you on Dabhol and 2)
we want to discuss way in which the USG may become involved in encouraging
market reform necessary to extract value out of our generating asset.
Specifically, we want to focus on refgorm at the Indian federal level that
will be necessary to deliver power to customers other than MSEB.

We look forward to meeting you tomorrow.

(See attached file: Dabhol PPA - DC Talking Points.doc)

00500000001470


(()(4)]

January 10, 2001

00500000001471


Annast 8, 2eu0 Lea'e V a @

[(b)(5)]

01200000000706


To; Max B. Pulgar-Vidal
cc

Subject: Re: DR Power Sector - Cogentrix (Document link: Max B. Pulgar-Vidal)
Max:
Aide memoire is almost ready. | hope to finish it tonight.

IDB has distributed the documentation on the Cogentrix project to ts Board.
Presentation date is December 15 and approval is expected.

[(b)(5)]

rogards.
Philippe.

Max B. Pulgar-Vidal
1207/99 06:12 PM
Extn: 34839 Loc3c

te. Pappe JP. Durand, Susan G. Goldmark

Subject: DR Power Sector - Cogentrix

Orsaiia:

| met with Philippe Durand earker today. He is finalizing the Akte-Memoire and

wil get back to me tomorrow. ‘Once | meet with him again, we should meet with
you. Meanwhile, a few items for your information:

((b)(5)]

00500000001186


[(b)(5)}

01200000000709


Bair, Sheila

From: Bair, Sheila

som ei January 08, 2002 5:24 PM

oOo Carleton, Norman

Subject: RE: CFTC’s Exemption for Certain Contracts involving Energy Products (April 20, 1993)
Norm ~ [(b)(5)]

Sheita

ON IE.
Carleton, Moerman
vag January 08, 2002 5:14 PH

eck hes Bair, Shefa; Berardi, Steve; Gksberger, Timothy; Eiciner, Matthew; Gadlondo, Jose; Gross, Jared; Hammer, Viva; Lori
LC Michael; Pietrangell, Fred; Roseboro, Brian; Schulthelss, Heidilynne; Whaley,

CrTCs Examiion for Catan Contracts Involing Energy Products (Ape 20, 1983)

i - aT |

The CFTC proposed an exemptive order for certain energy contracts on January 27, 1993. It was finalized on April
20, 1993. (As you know, you dissented because the exemption extended to the antifraud provisions of the CEA.)

| talked to Ken Raister about this. He indicated that the energy coalition was concerned about forward contracts
being characterized as futures contracts in light of a federal district court decision that Brent oil contracts were futures
contracts(Transnor). The CFTC issued a statutory interpretation in 1990 that said that Brent contracts were not
futures contracts; however, the energy coalition which Mr. Raisler represented was not sure that statutory
interpretation would hold up in court, especially since Commissioner's Fowler West had issued a coherent dissent.

‘The legislative history of the Futures Trading Practices Act of 1992 directed the CFTC to use its new exemptive
authority for three classes of instruments; swaps, hybrids, and energy contracts,

Mr. Raisier said that the definition of swap contained in the swap exemption did not clearly cover forward contracts
that might be considered futures. The energy coalition was concemed about contracts, such as Brent contracts, that
called for physica! delivery of the commodity but that, as a matter of practice, were often offset by other contracts. By
their terms though the contract called for delivery, and it was not clear that these were "swaps" as then defined (or
not).

{(b)(5)]

01200000000928


BRIEFING

MEMORANDUM FOR DEPUTY SECRETARY EIZENSTAT

FROM: "Timothy F. Geithner

Under Secretary (international Affairs)
SUBJECT: Briefing for Your OPIC Board Meeting
DATE AND TIME: Tuesday, March 21, 2000

Board Luncheon 12:00-1:00 P.M
Board Meeting 1:00-3:00 P.M.

LOCATION: Twelfth Floor
1100 New York Avenue

{(b)(5)}

00500000000199


India ~ Enron Dispute

{(b)(5)]

Drafted by: Geetha Rao, x1238
Cleared by Investment Office
05/02/01

00500000002347


Rao, Geetha

From: Grewe, Maureen

Sent: Thursday, July 12, 2001 2:57 PM
To: Rao, Geetha

Subject: RE: Enron talking points

sounds like you have it weil in hand. Gooc work.
Let me know what Janet has to say when she calls you back,

Original Message
From: Rao, Geetha
Sent: ‘Thursday, July 12, 2008 2:53 PM
Grewe, Maureen

To:
‘Subject: Enron talking points
Importance: High

| left a message with Gary/Gay - still no word - Kate berg oked the talking points (and agreed to move the EXIM/OPIC
point down below)

Janet Speck is out at a meeting and should be back at 4 - | left her a message to clarify the situation.

| spoke to Gary Usrey who mentioned that the first set of ooints that Adam sent over this morning are the most recent
ones, as far as he knows. (()(5)]

I think Janet and her office had something to do with
inctuding that as the first point. He told me to take up this issue with her. He'll be back in his office at 5 so requested
@ voicernail by then

$0 that is where we stand right now ~

00500000002230


((b)(5)]

HIPIC
PRS

Original Message———
From: Meg. Donovan@do.treas. gov [mailto:Meg.Donovangpdo.treas gov]
Sent: Thursday, February 03, 2000 10:10 AM
To:
oe oo

Date: 02/03/2000 10:09am (Thursday)
From: Meg Donovan

To: EnkWeisman

Subject: Bolivia Articie IV

Erik:

just checking in to see if we're all set on the Article IV for Bolivia,
| saw Margaret's comments so | think that clears everything from
my end. Are there any issues not covered in my statement that
wil likely be raised? Please let me know if you're waiting on
anything else from our office...

Thanks,
Meg

00500000000458


{(b)(5)]

01200000000708


{(b)(5)]

012000000007 14


ex,mail.“LREDIFER@inf org”, ox.mail. “barbara holioway*,
‘ex. mail."beian.crowe”, ex.mail."clay.lowery”,
@x.mail."meg.donavan”, ex.mail.staphen.donovan
CC: ex.mail “CCURATOLO@imf org", ex mail," KLISSAKERS@imf org’,
ex.mail “ved#er@delinet com”, ex.mail“MSOBEL@im!.org”,
ex.mai “william schuerch”, ex mail."iredifer@dellnet.com”,

KUHLOWM
Sudject: draft Boliva statement -Reply
Laure:
thanks for sending along the statement, | know it's been a lot of
work to get these cases ready and we appreciate the efforts
you've made,

[OUTSIDE SCOPE , (b)(5)]

00500000000460


California Electricity Update
Thursday, February 1, 2001

[OUTSIDE SCOPE , (b)(5)}

{(b)(5)]

00300000000118


Monday, January 22, 2001 1:54 PM
: geetha. treas.gov

‘Subject: Ind iol Meeting

Geetha,

a

My polos os oe ‘sending this material. | have lost both my
assistant and my paola a bi overwhelmed.

John sn i oben eng ene aM b\(6)]
adress othe menting | woul! appreciaamanaged tose fa

John and | have a brief agenda: 7) a want to epee you of Debiicl an 2)
involved in encouraging

wa wears bp mecine way ©) erie fie Coo Mey nena

Sestcany we ‘we want to On refgorm at the Indian that
to deliver power to customers other than MSEB.

We look forward to meeting you tomorrow.

(See attached file: Dabho! PPA - DC Talking Points.doc) << File: Dabhol PPA - DC Talking Points.doc >>

00500000001469


From:
To:
Date:
Subject:

Todd:
{(b)(5)]

Meg Donovan
BERGK, CHRISTOPULOS, CLAPPG, KUHLOWM, SILLSG, ex.m...

12/14/99 1:10pm
DR Power Sector - Cogentrix -Repty

00500000001184


Background on Reaction of Energy Markets to Yesterday's Attack
September 12, 2001

{(b)(5)]

Prepared by Office of Economic Policy ‘September 12, 2001

00300000000088


Monborne, Mark

From: Sharer, James

Sent: Wednesday, January 16, 2002 4:55 PM

To: —OL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto; Jay Hoffman; Lundsager,
Meg; Phillippa Malmgren; reidjp; Sheviin, Thomas; wallarjg; wayneea

Subject: Financial Markets Night Report 1/16/02

[OUTSIDE SCOPE , (b)(5)]

05027

01000000000098


Enron goes global

Houstombased corporation Enron
annoanced an annual turnover last year
‘of $6bn ~ making it one of the world’s
largest gas companies. Aithoagh most of
their business is still in the United States,
the company’s greatest growth is through
contracts beyond North Anverica.

‘According to Rod Gray, Enron's senior
vice president, finance and treasury, the
world will mced another 100,000MW of
power over the next 10 years, most of
that outside the US. If gasfired stations
account for even a small percentage at
that, it is still a very big market

“We are looking at countries with the
following characteristics: those that are
peivatizing their infrastructure, these thal
have a natural gas potential which is
underutilised, and thase with a need for

generation.
In the UK, Enron is in negotiation on
four more plants, onc of which, valued at
$400m, could go ahead later this year

Another area of focus is Latin America,
where Enroe owns 3,800 miles of pipeline
‘and has just completed a
in Guatemala financed by

funding. Enron is also in discussion on
possible future projects in Malaysia,
Indonesia and China,

Faster Burope and the former Soviet
Union have proved frustrating frustrating
markets for Enron. A number of projects
are under consideration, including one in
Bitterfeld, in eastern Germany, and &
$200m project for Russia's Gazprom to
update part of its pipeline system and
compressor stations. “But Is a very slow
process, and the lack of a sound legal
structure is a great problem in that
region,” says Gray.

Much more promising is a possible
$2ba SOOMW station in Turkey, where
Enroa is being aivised by
Peabody and Bankers Trust, in conjunc-
tion with the UK's Midlands Electricity.

DEALS
[comin UP |

expects Turkey's relatively devel

Gray
oped capital markets to play a significant
role in the financing of the project.

In India the company is closest to suc
cess on a new development. Enroa pro
poses building a 2OCOMW power station

south of Bombay. The project will cost
between $2bn and Sn, to be bail in two
ef

phases, starting a5 4
operation which will later be converted to
liquified natural gas (LNG)

It wasn't at all the
agonising experience
you often hear about
a

“The project, in which Enron is being
advised by Barclays Bank, is to be funded
through a combination of World Bank,
US Exportimport Bank

at least $100m in rupee financing to be
raised from the Indian capital markets.
“Most of the risks in the natural gas
sector are similar to other sectors, even
though the factors may dif
fer,” notes Gray. “So- of course the

00500000001421


Clapp, Gene mu

Sent Fises: Sones 23, 2001 8:55 AM

re fat Sit hana Soper. Cwstpus, rg: Cap, ne
Ce: Radelet, Steve

Subject: RE: India/Dabhol Meeting

Please note the following article from this moming's press summary:

US Envoy: India’s Enron Project Key To Foreign Investment

BOMBAY (AP)}-U.S. Ambassador to India Richard Celeste wamed Monday that
foreign investment in india would falter because of pressures that
threatened to derail the $3 billion Enron Corp. (ENE) power project.

“It regrettably feeds the concern among American and other foreign investors
tat ie rodys less-than-reliable efe coeeoatn cee their investment

* Celeste told an audience of business leaders, Paltans and
Servisaen agencies Eoretan, India’s financial hub:
India’s | tever investment has been in trouble since December
after the er Qoverinentcl Mahara vt TE creat cond Bara |, Said it
would retew a power urchase agreement .S, energy giant Enron Corp.

ihe sereemes ned in 1985 detalis the rate at which Enron's Indian
subsidiary, the Power Co., will sell electricity to the

power plant of 740 megawatts, already
mid: dw Second pose 1 a4 raga sveaued oe
completion by end 200°

fon of Boe naan and high cost of naphtha used to
mie pone govern ye Evvon project ouch 7 upees 8
wn st Wh 809 ab pai ot deal was signed six years ago

Enron has said it saw no curent need to renegotiate the tarif and maintained that a transition from naphine to Kqvefied
Celeste, an appointee of former U.S. President Bill Clinton, said he
discussions, but cau!

both sides would find a solution in tioned
“perceptions among American end investors will be affected by the
chatenge & and how it is resolved.”
He despite partnerships in software and information US.
investors were wary of India because of political pressures at the and
state level that had slowed the economic-reform a.
Stressing the need to business ties India, Celeste focused on
the Enron and asked "The Dabhol plant remain a symbol of
successful American investment in India and not a symbol of the impediments
‘stl hinder even greater foreign
Copy (c) 2001 Dow Jones and Com; Inc.

Pc at Sot lewsEDGEILAN: Tao Fae ya]

From: Roo Geeta Geetha
Sent Moncey, Jane 22, 2001 3:01 PM

To: Grewe, one 4 Marshall; Sampliner, Gary; Christopulos,

Cc: Radelet, Steve

Subject FW: India/Dabhol Meeting

Attached is background material for the Enron meeting on Wednesday. Pis. note Mr, John Hardy will also be attending.

From: aml mar SO [maitto:Tom.Briggs@enron.com)
1

1
00500000001477


MCGREWW, JOHNSTONR

00500000001187


Gaza ~ Power Project Upcoming Project Tab 11

{(b)(5)]

00500000000208


Bair, Sheila

From: Bair, Sheita
Sent: Tuesday, January 08, 2002 5:56 PM
To: Carleton, Norman
Subject: RE: CFTC's Exemption for Certain Contracts Involving Energy Products (April 20, 1993)
{(b)(5)]
Original Message—--
From: Carteton, Norman
Sent: Tuesday, January 08, 2002 5:44 PM
To: Bair, Sheila
‘Subject: RE: CFTC's Exemption for Certain Contracts Involving Energy Products (Aprit 20, 1993)
{()(6) , (b)(5))
Norman
Original Message==-
From: Gai, Sheila

Sent: Tuesday, January 08, 2002 $:24 PM
To: Carietion, Norman
‘Subject: RE; CFTC's Exemption for Certain Contracts Involving Energy Products (April 20, 1993)

Norm ~ [(b)(5)]

Sheila

Original Message-—--

From: Carleton, Norman

Sent: Tuesday, January 06, 2002 5:14 PM

To: Ba, Shefa

Cet Senith, Amy; Bair, Shela; Berardi, Steve; Bitsberger, Timothy; Bichner, Matthew; Gabllondo, Jose; Gross, Jared; Hamme, Viva; Lori
erkekler ly vg god espe a a cera Brian; Schulthelss, Heidilynne;

Subject: CrTCn Exemadon tor Cstan Contracts lvelvng Enengy Products (Apt 20, 1995)

Sheila,

The CFTC proposed an exemptive order for certain energy contracts on January 27, 1993. It was finalized
on April 20, 1993. (As you know, you dissented because the exemption extended to the antifraud provisions
of the CEA.)

| talked to Ken Raister about this. He indicated that the energy coalition was concerned about forward
contracts being characterized as futures contracts in light of a federal district court decision that Brent oil
contracts were futures contracts(Transnor). The CFTC issued a statutory interpretation in 1990 that said that
Brent contracts were not futures contracts; however, the energy coalition which Mr. Raisler represented was
not sure that statutory interpretation would hold up in court, especially since Commissioner's Fowler West had
issued a coherent dissent.

01200000000926


Monborne, Mark

From: Sharer, James

Sent: Tuesday, January 15, 2002 4:43 PM

To: DL_Market Group; Andrew D. Sacher, David Griffiths; Eric H, Otto; Jay Hoffman; Lundsager,
Meg; Phillippa Malmgren; reidjp; Shevlin, Thomas; wallarjg, wayneea

Subject: Financial Markets Night Report 1/15/02

[OUTSIDE SCOPE , (b)(5)]

05028

01000000000099


{(b)(5)]

01200000000704


From: ex. mail "MSOBEL@imn!.org”

To: ex.mail("MSOBEL@imt_org’,"Meg. Donovan’ ,"Brian.Crow.
Date: 2/5/00 1:10pen
Subject: RE: draft Boliva statement -Repty

[OUTSIDE SCOPE , (b)(5)]

~—Original

From: Sobel, Mark

Sent: Friday, February 04, 2000 $21 AM
; Brian.

Meg:
[OUTSIDE SCPOPE , (b)(5)}

Could you send Brian's trip report to me?
[OUTSIDE SCOPE , (b)(5)]

From: Meg. Donovan @do.treas. gov (mailto: Meg. Donovan @do. treas.go¥]
Sent: Thursday, Fedruary 03, 2000 6:31 PM

Date: 02/03/2000 08:26 pm (Thursday)
From: Meg Donovan
To: CROWEB, DONOVANST, HOLLOWAYB, LOWERYC, SchuerchW,

00500000000459