INTER-AMERICAN DEVELOPMENT BANK
Washington, D.C. 20577

phone number: 202 623-1031
faxnumber: 202 231612

00500000000432


(coy) Vs

Enron International

June 1999

+ TARAANAATE AMF AT EM sreeat ce 27 on fame)

mn
00s500000000986


[(b)(4)]

666) eunr

y jeuoneusayuy uowug

(e jo Z) Ayioedeg uonesouasy
JOMOd 914}99/9 |BUOHIPpyY 10} Poon 9YL

woul

00500000000982

ee a7 fate


¥

{(b)(4)]
a
3

Next Steps

4
5
|

C1 4 TOQNGANO7S MN/7CrOT IC /ICIOE KA &7 ‘0 foul)

o
c
=
=
o
¢
=
2
=
c
9
2
©
ui

June 1999

wn
00500000000991


WOV*1T+3B 10:14 Frow:SAB A 2026373583 T-328 PAS/I9 Job-G50

6

Singapore international Arbitratin Centre, which rules are Geamed to be incorparsted by reference into this

. The number of arblirators siinlt be tree. exch party having the right to nominate one arbitrator. The
third erbiteaior shall be a person who hex had five years or more caperience in the reluvant industry. The place
Uf erbiuretion shall be Yingapore where all hearings and mmectings shall be held. Unless the parties agree
otherwise, the language to be used in the arbitral proceedings shul! be Fiaglish.

NOTICES:

Any notices and communications to be given under this Agreement shall be in writing end dcomad duly given if
wont by fecsimile or telex. sent by courier ar delivered by hued ts the address/number of the receiving party
prewided in this Agreement unluxs that addreuynumber is changed by such party by way of prior notice te the
other party made in accorience with this Agreement. Unless Enron informs Counterparty otherwise, aty entices
required by this Agreement must be sent (0 the eppropriate Gepartment as fisted below

Lsganosas ‘Csautast ‘Telephone No. taxNo. ics Nv,
Logiaticw Operations: Erie Tan 65 338 9026 65 734 2868 aS 37130
Cadit Risk Management avid Hardy 46-171 316 6669 441719707251 KS 922665

Invoices and Coneract Semlements: AmitaGosalia 44:17] 316 5466 4417) 8730147 MN O22465
ical Clearing and Documentation, Amita Gosalis 44 171-516 5466 44171 8730147 MN OT246S

OTHER PROVISIONS:
Any situations not specifically addressed by this Agreement will be govcrned by Incournns 1990 (to the extent
spplicable) as in effect at the time uf this Agreement Is entered into. This Agreement shall scrve es the opcrative
document. No other agreement will be gent If Ruyur objects to any differences that it perccives.to exist
between the oral agreement of tie partics’ creployees or representatives and the contents of this Ayrecment, it
must notify Error af its objections in writing vie telcfex or telex within five (5) days from receipt of this
Failure to do 40 will conuitutc « waiver of Counterparty's right to abject to aay such differences.
AGeitionsl or different terms Mum those set out Herein thall be construed as propenals fur sdditions Lo thix

Agrecinem and shail not hecome part of this Agreement unless expressly agreed 10 in writing in @ supplemental
confirmation by Seller.

Regents,

Enron Capital & Trade Resources Singapore Pic. Lad
Sa ——
Name

Title: Attorney-inwfact

Address for Notices and Cornmunications te Karen:
Four Millbeak,

London SWIP ICT

United Kingdoen

Attn: Amita Cenalia

Facsimile No; 44 171 873 0147
‘Tokphone Mo.’ 49171 316 3466

Telex No.; RS 922465

<

Faron Capital Trade @ Resmurces Singapewe Me, | st,
Telex No: RS}

Answerbeck TGLSIN

Counterparty: Please promptly provide (o Eoroo's deal clearing: and documentation department any
corrections to your eddress, Telephone, facsimile of tclct. and the names of ull appropriate contact
Deron

SW aegahOMY TRO DUT (22wni) ont

00400000000129


FEB-@1-20@1 17:14 1 aus ee —

His Excellency Bulent Ecevit
June 13, 2000
Page 3

current conditions and the demonopolized market that the architects of Turkey's energy future
foresee.

History is # good teacher, and it is particularly relevant to our point. In virtually every
country in which deregulation of the energy sector has been legiclated (including the United
States), it has taken far longer than expected for the process to move beyond the legislative act.
Turkey is not likely to perform differently. A hiatus on privately developed power production,
fuel supply or energy distribution projects until the new regulatory regime is operational would
be fatal for Turkey's economy, And the lack of guarantees would cause such a hiatus because
financing from private institutions would be sparse if not completely unavailable.

For the foregoing reasons, our companies believe that a transition formula for assessing
the availability of Treasury guarantees for projects currently under development best serves
existing realities and future objectives in the Turkish energy sector. It also minimizes the
possibility of a real crisis in power production and delivery if the new regime falters or is delayed
for any reason. The formula proposed below is based on four fundamental factors:

() Treasury guarantees should continue to be offered for energy projects but with
i ‘tional qualificati

(2) financing for privately developed and operated energy projects in Turkey at this
time needs Treasury guarantees;

G) the nature and extent of the guarantees can be negotiated to mect Turkish Treasury
and commercial lenders’ requirements,

(4) Turkey's need for energy and private foreign investment and financing require that
the Turkish Government demonstrates good faith and predictability in the
implementation of its fiscal and privatization policies.

The formula that we propose for determining eligibility of a project for a Treasury

guarantee would have Treasury consider the following as indicators of a well-developed and
viable project (subject to whether the project is for power production or local distribution):

A. a signed Implementation Contract or Concession Agreement,

B. an Energy Sales Agreement under negotiation or signed,

c. a Fuel Supply Agreement under negotiation or signed;

D.  acompleted Environmental Impact Assessment Report;
wouinmiet

‘TResTE-ONt O1/ENI001

00500000001944


FEE-O1-2001 17715 pte ewe Coe ww ows

Fr become mtg
His Excellency Bulent Ecevit
June 13, 2000

Page 1

June 13, 2000
YIA COURIER AND FACSIMILE
His Excellency Bulent Ecevit
Prime Minister
The Republic of Turkey
Ankara, Turkey

Dear Prime Minister Ecevit:

This letter is submitted on behalf of the American companies listed below, many of

which have invested millions of dollars in the development of projects essential to meet Turkey's
i The purpose of this letter is to request that a reasonable transition be

i by which the Turkish Undersecretariat of the Treasury makes financial guarantees
available for eligible energy-related projects. Recent communications from the Turkish
Government and World Bank indicate that such guarantees now may be withheld even though
several energy projects, after years of preparation and negotiations, are in advanced stages of
development.

In a March 10, 2000 letter to the World Bank, Minister of State for the Economy, Mr.
Recep Onal, observed that reforms and the consequent introduction of competition in the Turkish
energy sector “takes time and the transition period must be properly managed.” Of course, in any
shift from state controls to market driven policies, transition is an important topic, worthy of
close attention Unfortunately, it seems that proper management of the transition in the energy
sector may have fallen prey to a formulistic effort by the Bank to cradicate immediately
Treasury’ s contingent liabilities. The Government appears to have accepted this precipitous
approach. As a result of a Bank-sponsored “Public Expenditure and Institutional Review,”
several reforms are expected to be incorporated in the 2001 Government budget. Minister Onal
reported in his letter that, among other things, “limits on the issuance of new guarantees” would
be part of the immediate budgetary reform package. After several consultations by

ives of our companies with officials at Treasury, the Ministry of Energy and Natural
Resources and the Bank, it appears that for energy projects being developed under the Build-
Operate-Transfer (BOT) or Transfer of Operating Rights (TOR) models, the Government may
decide to withhold Treasury guarantees for such projects unless a project-specific agreement is
in place that provides for such guarantee.

wou lea
TeGIEEOO OL2NROOL

00500000001942


From: ex.mail. "-WB-tcrawfor@iadb.org”
To: ex. mail BRUCE J@iadd.org’),Dom 13, DOPOS(BLOOMGARDEN..
Date: 11/19/89 10:51am
‘Subject: Re: DR Power Project
Kristin Madison, Senate Foreign Relations Committee staff, called me
8 few days back to ask
{(b)(5))

01000000000972


Bair, Sheila

From: Bair, Sheila

Sent: Wednesday, January 09, 2002 6:13 PM
To: Kristen Silverberg (E-mail)

Subject: Enron Paper

Here is the paper you requested, Tell Josh that | need to have a five minute conversation about this as well,
Hope this helps.
Sheila

¥)

Boton « Pasa doe

01200000000906


B. Financial Simation of the Sector. Due to very high-energy losses and poor commercial practices
(discussed below), CDE has been for the last three decades in a precarious financial situation. This
circumstance continues at present. To keep the utility in operation the central government has contributed
millions of dollars every year to cover partially or totally CDE’s financial costs (including debt service for
IDB's and World Bank's loans). It is estimated that in 1997 the central government transferred to CDE
about US$200 million; in addition, the government decided to purchase with public funds new generation.

4, DEMAND AND GENERATION CAPACITY

Demand for electric energy by CDE's customers (representing about 70% of total country demand) has
grown steadily. In the last few years demand has grown at an annwal rate of 8 to 10%, Tn 1997 maximum
(peak) demand on CDE's system was 1,200 MW, which CDE could not cover due to a lack of operable
generating capacity. CDE’s available or effective capacity {including IPPs generation) in 1997 ranged
from 70% to 90% of demand and only on a few days could full demand be met. ‘The causes of the shortage
were (a) the poor maintenance of CDE’s thermal plants ( on average, only 45% of CDE’s 1200 MW
installed capacity has been operable); (b) two consscutive dry years that limited the output of CDE’s hydro
cleetric plants from 400 MW to as low as 160 MW; and (c) mechanical problems at the power plants of
several IPPs, é

‘A well designed power system should have operable gencration reserves of 15% to 25% over the maximum
expected demand. When planning available capacity, the hydro plants should be rated based on the output
during a hydrologically dry year. Considering a 20% reserve margin, in 1997 CDE should have had 1,440
MW of available (or effective) capacity. The purpose of a generation reserve margin is to provide back-up
for sudden outages of any power plant (including IPP's) and for scheduled outages for preventive
maintenance. Inclusion of the IPPs in the generation segment of the power sector has reduced the capacity
constraints faced by the systems" customers. However, these enterprises and CDE’s generating units are
subjected to problems in transmission and distribution, which they do not control.

5. SITUATION OF THE TRANSMISSION SYSTEM

CDE’s high voltage transmission system is weak. It does not (a) permit steady transfer of energy under
emergency conditions (for example, due to the outage of power plants) and (b) provide back-up for the
outage of a main line duc to mechanical problems (such as lightning and mechanical failure). Very often,
the failure of a line results ina chain reaction that isolates all main power plants. Restoration of service
may take several hours

With the financial assistance of the World Bank and the technical assistance of the German consultant
DECON, CDE completed in 1996 a Ten Year Master Plan for the Expansion of the Transmission System.
‘An investment of over USS140 million is required. So far, CDE has not begun implementation of the Plan.

6, HIGH DISTRIBUTION LOSSES

CDE’s energy losses are the highest of any system in Latin America and perhaps in the entire world, 48%
of the power input to the system is lost and is not billed to any customer, An estimated 40% of the total
Josses are due to technical reasons, and the other 60% are due to illegal connections, service without meters
(70% of CDE’s 800,000 customers have no meters) and CDE's billing errors (some of which are
“arranged” by CDE’s employees). Of the remaining 52% of energy billed by CDE, only 70% are actually
collected. Therefore, about 64% of CDE’s generation (own plants, plus IPPs) is lost and only 36%
produces revenue for CDE, In summary, out of every three kWh that CDE sends to the system, only one

00500000001405


LIMS20 - Active Portfolio Page 3 of 3

yrs mgpst EOUACONNM usp St 152,000,000,00 4,£00,000.00 oo 00% 47,200,000.00
SECRETARIA OE
ESTADO OE
EDUCACION
gaye: ran CANNES usp St 43,600,000.00 4.974 £40.00 00 00% 39,475,300.00
SECRETARIA OE
ESTADO OF
EDUCACION
er ora” wo 18,400,000.00 675,300.00 0 | 00% © 7,724,640.00
SECRETARIA CE
ESTADO Of
trgunc: ORULAR PROTECCION GASTO usp 1290,000,000.00 2,000,000.00 00 00% 198,000,000.00
pe soc.
SECRETARIADO
TECNICO OF LA
PRESO
‘subtotal fund ORC and currency USD ‘974,900,000,00 47,065,026.07 234328,759.28 26.08% 08,882,516.68 352
otal currency USD 967,560,000.00 48,500,556.10 327,530,603.49 33.85% 590,996,140.41 384
Operation Project Project Currency Loan Approved Commited Disbursed % Available = Disburse
ee
MEDS DAN IR DES. AGRICOLA XOR OF 4280,000.00 Wo 3421017.00 00.51% 828,98249 TESS
AREA RIO SAN
UAN
INSTITUTO NAL.
HIDRAULICOS:
subtotal fund IFA and currency XOR 4,250,000.00 (00 3,421,617.60 80.51% §28,30240 765.05
Total currency XDR 4,250,000.00 “pp 3A21,617,60 80.5% 82838249 765,05

a

ee EE TIS ETE SIRE
US EST

‘as of. Seo
Printed on: Stp-25-2208 17,150

svn nth enc Opes PLN RAS DSS NESS 9/25/2001

00500000000436


e

((b)(4)]

+ TAAAAAANTE cat s7e sat sasneeat ef kF-N faut)

Enron International

June 1999

wows
00500000000987


{(b)(5))

00300000000109


% 666) eunr

/ o Jeuolyeusayuy Uolug

ewuUeiboid
JOMOd 911399/9 Aduebiewy ysepe;bueg

woe

00500000000980

/bCiQ1 KK O70 (AUT)

4 1QQNONNO7S ‘AN/7C: QT “1¢

?


Proyectos en Preparacion (Pipeline) Rep. Dominicana

Nomero
sere Nombesa mere cm ge Ream, Fa in
DRO147 PLANTA ENERGIA ANDRES 20014 400.0 750 50ic01
PROIZ6 ERLE AEROPUERTOS 20018 280.0 63.0 NA
QRO141 PROGRAMA DE VIVIENDA 20024 «N/A 30.0  6Feb02
oRo145 PROGRAMA GESTION RIESGOS DE DESASTRES 2002A NIA 5.0  6Fed02
DROI3§ ~=TRANSICION COMPETITIVA AGROALIMENTARIA 2002A «N/A 50.0  27Feb02
pROosS APOYO AL PROGRAMA DE PENSIONES 20028 «= NIA 30.0 2May02
DRO142 PROGRAMA GLOBAL MICROCREDITO 20028 NIA 20.0 = 17Jul2
ORGO7S PROGRAMA DE DESARROLLO LOCAL 20028 «= 40.0 40.0 28Ag002
DROS MEJORAMIENTO EDUCACION BASICA III 20028 «= NIA 50.0 90ct02
DRO148 ~FACILIDAD SECTORIAL COMERCIO EXTERIOR 20028 «= NIA 50 NIA
DROS DESARROLLO INSTITUCIONAL 20028 «= NIA 8.0 NIA
SOC.INFORMACION
DpRO143 PROG. REHAB URBANA EN STO DOMINGO 20034 N/A 50.0 26Jun02
QR0139 PROGRAMA DE RENOVACION TECNOLOGICA 20034 «NIA 15.0 NWA
pROWZ DESARROLLO OE LOS ARYUNTAMIENTOS 20034 «(37.0 30.0 NIA
pRo144 PROGRAMA MULTIFASE DE VIMENDA 2005A NIA 60.9 NIA
TOTAL: 15 541.0
ROSITC, 1958

Seformation as of Tuesday, Septembar 28, 2001 3:13.08 PM

birp://ops/ ABSPRI (PRIPIPE.ASP?S=DR 9/25/2001

00500000000433


: 140
APPROVED PRIVATE SECTOR INVESTMENT FACILITIES
(As of 31 December 2000)
Gn U8 Muaice)
equity Pactiteien Toul

Line at Invent Under Bank Loan Bank = Compl «Combined Date of
[Investment N< Company Equity _ ment writing OCR mo fends Loam Total Approval

[Pakistan (somtiann)
‘TOUT /SS6 — Pabsstnn Iradusenal Lessing Corp Lid oss 2000 - ass 203 ONow AT
. an7. - - om - Om7 67-Aug-30
- o2ee ¢ ° o2m : om ten
707/913 Natl Dev Leasing Corp. Led. : : : 15.000 15.000 : 15009 -7-Cces
: . - - Some 5000 Mian
TOM /S4 Pakistan Syrthence Lat . 1.200 4x00 5500 . 550 Apr”
7042/9899  Poneer Comers Limited 3.00 : 11.800 15000-25200 36100 2t-New.t
FORT /L0GI Pang Bertiliner Con Lick . . sa.00 200 = 5000 te
Poap/ioc  Onx Lessing Pakistan Lick. « : . 000 . 000 < $000 Deco
. . 8 . - som $000 Ape
TOHO/1OOR Asian Leasing Corp Lad. - - - 2008 - 3000 : 300 NDeo-ae
- - - - - : 200 2000 Ap
76 Pabiman iewestment Fund ine TM aaq* «no amo ARO 13ep
787 neeenanoral Asset Managemers Co. TM ome - . on : 2090 13-Sep-90
yes Pakaman Verrure Capital Lad, - 1.360 . 1160 - 1160 OD
7086 Atlas lresterere Bark Lid. - ome : e520 - Om 1-Deoi0
POM/U29 Asian Lansing Corp. Lat 1 - - - 7000 7000 - 700 Newt
7073/2130 Allan Lamwe Ls. : 5.000 . $000 36-Now-9t
FOP6/ILN Crescent lewvestment Bank Sore - yoon9 - 10.000 36Now-ot
FOTT/U Natt Dev, Lansing Comp, Lat OPA * Soe - rome : 1000 26Nowst
139 Orbe Leasing Palhian Lic — . yamo - 1000 26Newa
Pakiecan Ind & Commercial Lessing Relat 6 sao _ 5000 Nowa
Pakiscan industrial Leasing Corp. Lid. 1 Drum hellev ’ : 00 £00 Now
PAK Astan Fund - 20 200 Auge
7000/2255 Fug O8 Terminal and Owinbwton Co Lx 336-Y4ro OO LD) CKO (Sep so
mn /i9¢e Allee Lome Ltt . 10c00 . 10000 NOC
7212/1393 Naf Dev. Leasing Coep. Lad 1¥ VP Finan an 15000 . 15000 10ers
7733/2998 Ox Leming Pakioran Lad a0 - mmo tO
14/1395 Pakisean Industrial Lansing Corp. Lat. 1 15000 - 15000 10-Gen95
7136/2494 Pugh Kabirweda Power Co. Lat xO GOD =D BAe
ns Pakssaan Export Finance Guarariee 2.000 - 2000 OP-Dec-od

Was 9x0 wane
[Pnitippines

7008 Planters Development Sane ons . Ces | 2SNov-86
ost C1 OR Dect
7020/8865 Pha Long Distance Teteptiane Ca. : 24.000 - 24000 Auge
res H&QPralippine Vertures : 200 - 2500 15-Sep-49
ro PDB Leming Corp . 370 : 0270 GhAug 4?
700/97 Hopewell Energy (Melippene) Corp. - i200 80.000 21100 Nowe
78 wryraice : 400 . 409 11-0ens0
78 Astatrast Developement Sank - ose - - - ass O56 Oe
7068/1065 Avnemex Walt Corp . - 000 - ee
7065/1085 Shemnberg Biotech Corporation: - ome - <m0 - so - 5489 Ouest
7OT1/1093 Marcopper Mirung Corparascn ° - . 1000 . sD - 15000 Og
* ‘ - ° : . wo SD
3239 Souther Exergy Quezon, ine. * . 1.000 . 40.000 - so - S00 Ih May-®d
231 Batangas Power Corp. - 2.000 - 36.500 - 2x0 ~ > 2900 Maya
1252 Bubidnon Resources Ca, lee. . om . «0 : 300 - 5500 IheSepet
; 0200 - - axe - ORO eo
7005/1263 Primo Oleocherrteals, tne. TM 3.000 . sop - acco 700 50 OhNow-t)
7108 Walden A Aysia Veetures Co. Ine 2m - : : 2a - 2 Oe

00500000000842


Page 2 of 3

LMS20 - Active Portfolio

ES IALU Us USNAS

PUBUC
1280s DRAPE FORTA. PROV. OE LA yso OF 8,900,000.09 +,901,090.01 4.211437.20 47.00% «3,747.53279 27
i REGION NORDESTE io cali

s1gzioce OBO PROG. EMERCENTE. uso Dt 105,000,000.00 6,652.386.14 EQ TEe.7S7.A7 69.80% 35.548,90669 124
une pgeuss PROGEMERSENC, USD oy 81,100.000.00 §,859.968.31 at ay1,125.00 81.16% 33,74880869 128
yart paasas PROG.EMERGENCA, USO pr 2i.900.000.00  002.367.83 grze7saas7 90.11% 140000000 §

yee PRE SeORSoge uso | GF 27,500,000.00 218,000.00 op 00% 29,285,000.00
DEL PODER

spuore SOT Boron uso «EF 12,900,000.09 125,000.00 00 00% 12,975,000.00
DEL POOER:

10S PARI PROGRAMA DE” uso of 16,900000.09 .s0.000.00 817,000.00 3.85% s47en.o00n0
ie REFORMAY
CAPACIT, LABO

SECRETARIA OE
ESTADO OE
TRABAIO
gues Pane eet uso «=F -71,000,000.00 10,800,000.00 09.00% €0,500,000.00
MODERN, AGUA POT.
‘¥ SANEA
SECRETARA
TECNICA DE LA
PRESIDENCA
su9p0c: DARIZR REFORMA Y uso EF 59,200,000.00 9,982,000.00
a MODERN, AGUA POT.
SECRETARIA
TECNICA DE LA
PRESIDENCA
sugeece OBRZ REFORMAY uso BF 11.800,000.00 4,118,000.00 9p 00% 10,682,000.00
O82 MODERN, AGUA POT.
Y SANEA
SECRETARIA
TECNICA DE LA
PRESIDENCIA
sapere CARR HOPES uso pr za sonnco.no 250200000 eqsacnno 28% 19,188,00000
DEL CONGRESO

COMISION
Rinamerar Fl

sn tn ti pes ONE MD CRS 9/25/2901

00500000000435


[(b)(4)]

%, 666) ounr
a yeuoneusaquy uosuy

SSP!

(€ JO 1) Ajioedes uonesauag
JOMOd 914}99/3 [EUONIPpy 10) pean ayy

woud

00500000000981

fours

47CSO1 HOPE SOT KK &7 OD

€ $ THONONNOTS ‘nw


DEC 14 20@: 17:02 FR ENRON INTERNATIONAL 713 34S SiSit TO 91282622039: P.ayvea

{((b)(4)]

005000000001 14


{(b)(5)]

ce: ex, mailCwiliam.schuerch*,“david bloomgardenTM,"gr...

01000000000974


WOW1T-98 10512 FromsSAB A 2026379593 T-32G PIS/IS Job-850

QUANTITY: [Volume] 1/-3%
[Volume] plusminus 9% aperstions! tolerance. Vohwine to be bused upon the bill of lading (gure.

QUALITY:
‘The specifications of the Product shall be as follows:

[ASTM reference or other spocificaliona/If Singapore Gasoil. to rise cable set out below)

Mot _|_ fin | Max Ta.
Specie Cravity 15 Rag C KGL on on7 Diz
Color 2 Dlse0
Flash Pot Deg C «6 on
Pour Poist Deg C 9 bw
KIN Viscosity @ 0 Neg C cst is 36 Daas
C.C. Rosabuc wrecr 0.10% D18w4530
Ad wT pcr 0.01% on
CA Corrosion 3 hee ( no
Sulphur wT PCT Os% DIzwe294
(Cotas Index “ DIG
‘Water & Sediment VOL PCT 0.05% D796
Demiliatian 90% Recovered Degc no bss
‘Nearelisstion valun
‘Strong Acid No. MGKOH/g NIL ov
Totel Acid No MGKOW/g Os pee
DELIVERY AND NOMINATION:

To one cargo lot by vessel procured by Buyer Frew on Board (“FOBTM) [Singapare/loadport] (the “laadiag port”
and the “tending termimalTM respectively) during the period [dees range}, 199__. By writen uctics to Seller,
Buyer to meruw nominated loading dats range to « three-<dzy range (the “loading dete range’) no laier than
seven (7) days prior te the first day of the louding date range. Nominated vessel and the loading daic range are
subject to leading termine! sacpunce, such scceptance not to be unreasonably withheld. Amy delays andor
costs inewred by Seller ur fiulher's suppliors as © result of vessel not mening lesding terminal's gorcral
requirements shall be for account of Buyer and Buyer shall isdemnify Seller fer el! com, loxes or dareages
imeurred by Sellur nr Seller's suppliers as a result thereof,

rRIck:
USD [price] per [net cnstric tonne/berrel}, FOU [Singapore/loadport). fixed and flat.

PAYMENT:

(Duo wrirty (30) days after the bill of Inding dau (ihe “AVL date”) (K/L dane w Count as Gay Ber) without afftet,
decount, withholding, counterclaim or deduction, in USD vie wire transfer im same day yrds inte Sellers
SCCOURE 31 IG Designeted Dank a3 Milows.

Cirtuank New York

Por the ecacunt of Citibank Singapore

Account No. 10991581

For fartber credit t» Garon Capital & Trade Rescurccs Singapore Pte. Lid.
Account No, 081079804)

SMLepee ny CEROVTIGR Gldenett) ome

00400000000125


Nigu Cari ; 4-3-00

{(b)(5)]

00500000000869


PN gt Aig
a
Amounts ia $ Million
Total Date
Country/Project ock ADF Project of
Cost* Approval
PAPUA NEW GUINEA
Higher Education - 19.90 28.03 1 Ape. 93
Population and Faeniy Panning - 7 33.02 1 Apr. 93
Subtotal - 27.01 61.05
PHILIPPINES
\ Hopewell Power (Philippines) Corporation” 40.00 - 973.00 18 May 93
i Bataerges Power Corporation’ 26.50 - 122.68 18 May 93
Bukidnon Resources Co., ine.” 4.60 - 23.00 21 Sep. 93
7 Nonformal Education - 25.20 31.50 30 Sep. 93
* Primofina Oleochemicals, Inc.” 15.00 - 72.18 9 Nov. 93
i Municipal Water Supply 43.20 - 72.00 25 Nov. 93
i Power Transmission 164.00 - 259.30 14 Dee 93
: Subtotal 293,30 25.20 1,553.66
I
Wy SOLOMON ISLANDS
} Emergency Infrastructure Rehabilitation = 0.50 650 18 Feb. 93
i Subtotal - 050 6.0
4 ‘SRI LANKA
rt Second Water Supply and Sanitation - 40.00 51.20 17 dune 93
i Secondary Education Development - 31.00 40.70 24 Aug, 93
iy Financial Management Training ~ 13.00 16.20 29 Nov, 93
$ Subtotal - 84.00 108.10
} THAILAND
i ‘Thal Petroleum Pipeline Company Lid.” $0.00 - 421.10 17 June 93
Second Rural Telecomrunications 84.10 - 373.30 29 June 93
He Fourth Power Transmission (Sector) 115,60 - 405.80 19 Aug. 93
bil Eighth Power Distribution (Sectct) 134,60 - 534.00 19Awgy 93
# Second Erawan Gas Transmission 100,00 - 671.00 2 Dex 93
i Sub-total 484,30 - 2,405,20
i
bd VIET NAM, SOC. REP. OF
a Irrigation and Flood Protection Rehabilitation - 76.50 BO 26 Oct. 93
i Road Impecurnent - 120.00 141.00 29 Now. 93
i Ho Chi Minh City Water Supply and Sanitation
i Rehabatation - 65.00 81.00 29 Nov, 93
Hy Subtotal ; - 261.50 317.60
i
bi WESTERN SAMOA
if Afulio Hidtroelectric Power (Supplementary) - 2.00 6.60 22 Apr, 93
it Subtotal - 2.00 6.60
it TOTAL 3,983.80 1,297.53 15,249.75
i
it
i 8 Total project cout inchaes Banik, government and co-financiers’ contributions. Since project cost for credit lines and program loans are not known
7 at approval stage, these are estimates.

00500000000845


WOVeI1T=*SE 10:10 Frow:SAB A 2026373593 THE PRIS Job BS

PLATT’S =

Napétha torward paper market, and other indicators. [t appears only in Plast’s A?AGscan and Plaet’s Global Alert,
(continued) [ts name vs “Spot Naphcha (Experimencal.)"

The Singapore paper napheha assessmene reflects 2 minimum of $0,000 bbl paper transactions.
Assessments for paper are for onc and two months forward and are quoted on a full calendar basis, As an
example, during che manth of February, Plart’s would quoee paper for March and for April. It is a nun-
delivery contract.

Arab Gulf quotes are assessed on a nethack basis from Japan using 35,000me ship freight rates. Freights
feported in the Plact's clean canker tepurts are used. It may also be assessed independently depending on
Spot cargo movements from competing areas.

C+F Japan forward naphtha quotes represent trade for 30-45 days. 45-60 days, and 60-75 days ahead of
publication. Whichever half-month these quotes fall inta becomes the label for the quote. As an example,
on February 2, Plast’s quored three cycles: secand half March, first half April and second half April. The
main quote assesses the market 45 w 75 days from che date of publication. On every Ist and 16th of
any given month the quotes will roll-over to the immediately fallawing half-month cycles.

Prices for naphtha in Singapore are quoted on a US dollars per barrel basis, Prices for Japan and the AG
ace quoted on a US dollars per metric ton basis.

JetiKerosene Arab Gulf and Singapore quotes are based on jet DERD 2494 specifications. Specific gravity is cypically
0.8 g/m. Singapore smoke puine is typically 19-21, but premiums may be paid for higher smoke point and
discounts for lower smoke point. Color reflects typical qualities for Singapore.

AG quotes are assessed on a netback basis from Singapore using 55,000m« ship freight rates. Freights
reported in the Plart's clean tanker reports are used. It may also be assessed independently depending on
Sput cargo movement and competing barrels from orher areas.

The Japan quote is based on DERD 2494, Color typically sold into Japan is around 20-21.

The Singapore physical assessment reflects rransactions, bids/offers of 2 minimum of 100,000 bbl. Market
participants should specify loading for a hve-day dare range. Seven days prior cw loading, seller must
declare terminal and buyer nominates vesvel with loading window narrowed to three days,

The Singapore jet paper assessment reflects 2 minimum of $0,000 bbl paper transactions. Assessments for
Paper are fur onc and nwo months horward and are quoted on 3 full calendar basis. As an example, during
the month of February, Platt’s would quote paper for March and for April. Paper jet kerosene ic a non
delivery contract,

Proves for all jevkerusene are queted on a US dollars per barrel basis,

Gasoil The Singapore regular 00.5 pet quote represents U.S pet sulfur barrels, typical specitic graviry of 0.845 ym
and a pour point of 6-15 dey C. The color represented is maximum 2 and the flash poine is minimum 66
degrees Centigrade,

The Singapore 0.5 per L/P quinte is based on yasoil with a pour point below 6 dey C and 0.5 pet sulfur

snatene

The Singapore 1.0 pet quote has a sulfur content up to 1.0 pet,

The Singapore physical gasuil assewyments reflect a minimum of 150,000 bbi, loading 15-30 days from che
dace of publication. Market participants should specify lading for a five-day dare range. Seven days pri

to loading, seller must declare termunal and buyer nominates vessel with loading window aarrowed te
three days.

00400000000122


Nov-17-98 10:10

From:SAB A 202EI7ISE3 1-328 PLHI/IS Job-880

=r «4 an Guioe TO PerRatFum Exhibit 2
PLATI'S

MTBE

Naplitha

PRODUCTS-ASIA

General Terms and Conditions

All Asia-Pacific/Arab Gulf assessments are assexsed up until 1830 Singapore standard cme. Transactions
ard bidWaffers after 1830 Singapore time deadline will not he taken into account. All Singapore assessments
ate FOB except MTBE which is CoF.

Price Units

All product prices are in US dollars. Singapure fucl ail and MTBE are quoted on a dollars per metric ton
basis but all ocher products are quoted on a dollars per barrel basis. For Japan and the Arab Gulf both
naphtha and fuel oil are quoted in dollars per metric cu but all ocher products are quoted on 3 dollars
pet barrel basis,

Platt's quotes three physical gasoline grades in Singapore and one in Japan:
| Singapore ~ 97 research octane number (RON) unleaded grade.
The lead content is 0.01 grams per liter (g/l).
2 Singapore ~ 95 RON unleaded. The trace lead concent is 0.01 g/l
3 Singspore ~ 92 RON unleaded. The trace lead content is 0.01 g/l.
4 Japan ~ 91-92 RON unleaded. The trace lead content is 0.01 g/l.
RVP for all grades is 9-10 pst, Benzene content for all grades is 3 maximum of $ pet. All grades are
undyed light yellow,

The most frequently craded cargo cize in Singapore is 50,000 bbl, Transactions and bidwotfers of a minimum
of $0,000 bbl are considered for the assessments. Specific gravity for the gasoline grades quoted is around
0.74 grams per milliliner (g/m). The assessments reficer cransactions and bids/offers for barrels loading 15 to
30 days from the dace of publication. Market participants should specify loading for a five-day date range.
Ten days prinr to toading, seller must declare terminal and buyer nominates vessel seven days prior with
the loading window narrowed tw three days.

The paper gasoline assessment is for 95 RON unleaded grade and reflects transactions for 50,000 bbl. The
assessments reflects the value of paper gasoline one and two months ahead from dare of publication and
are quoted on 3 full calendar basis, For example, during the month of February, Plarr's would quote March
and April paper gasoline ower the full course of the month, Paper gasoline is 3 contract settled “strictly"on
a cash basis, as it is 3 non-delivery financial instrument.

Prices for all gasolines are quoted on a US dollars per barrel basis.

Specs are for “Arco quality” with minimum 95 pet MTBE. Typically, however. che material puns closer to
98 pot MTBE. RVP is ¥-10 psi. Ocrane is 109 ReM/2. Oxygen is 18.2 pct hy wenchr,

Platt’s quotes physical aaphtha in Singapore, Japan and the Arab Gulf. The quotes are hased on light
and full range naphtha with 2 minimum paraffinic conrene of 65 pet and apevitic gravicy of 0.69-0.71 p/m.
A conversion factor of 9 barrels per metric ton is used. The assessinent retleces the typical quality for
Singapore barrels and includes a maximum RVP of 13 psi, sulfur maximunt content vf 800 ppm, The ini-
tial boiling point is -25 degrees Centigrade and a final boiling point maximum «ft 204 degrees C. Chlorine
concent is 2 maximum | ppm: mercury, maximum is | ppb; and arsenic, maximum 20 ppb. Naphrha with

2 high NeA content typically sold from India and Indonesia isn’r included.

The Singapore physical assessment reflects barrels loading 13-30 days from publican, with 2 minimum
volume of 100,000 barrels,

From May 2, 1995, che FOB Singapore naphtha assessment has been hased solely aun a netback cakeulanion
from Japan. On May 2. 1995, Plart’s introduced a new “experimental” naphtha which refleces spot -
astivigy in Stngapure, including any tixed-price business. This will rcfleve spur narket acrivery im Saga Pers+
including any Sxed-price business. When there is none, it takes inen uccene marketerclaned business, the

00400000000121


DEC 14 2082 17°@2 FR ENRON INTERNATIONAL 713 34S $181 TO Siaa@2s22m391 P.aaree

{(6)(4)]

we TOTAL PRGE.Cs «a

00500000000115


NOW-17=$8 (10:11  Frow:Sab A 2026373883 7-328 P.14/19 Job 850

Exhibit 3

Crude Oth Refined Petrotoum Produc ane

ENRON CAPITAL & TRADE RESOURCES

SINGAPORE PTE. LTD.
Confirwetion
DaTE: [Teday's Dets}
vO:
ana:
PAX NO.
TELEX NO.
FROM: Earon Capital & Trade Resources Singapore Pre. (id.
Re: Special Terms and Conditions for Setc and Purchase of Products

career htiretcee bees rim red yp perro erie nettleay had ee wby
Rep]'s telephone cooversstion oo [deal daic], 199  reuurding Enron Capital & Trade Kesources Sinexpare Pre
Lxd."s (aren) sale to |Buyer! of the Product described below. The following constitute all of the terms of the
binding egrecment between the parties regarding this Wansmtion (this “AgresmentTM). Any other tcrre and
condimans arc ebjcctal to end shall mt be binding upon Enron, This confirmation supersalcs and replaces guy
‘broker confinnacion(s) regarding this trarmaction.

ENRON CONTRACT NO.: (Retecence number)
BUY EK: (Name)
(Street address}
Telex No:[ }
Facsimile No: [J

SSLLEM: Enron Capical & Trade Resources Singapore Puc. Lid.
39183 Orchard Koad 10-03
‘Telex No.: AS37130 EGLSIN
Facsimile No.: (65) 734-2868

PRODUCT: — [Sioyaparc Cesoil 0.5% Sulphur/Type of Product)

RM ORTH Y TEDKAPTION (ieee cna

00400000000124


Projects itn Execution Rep. Dominicana

Ee PROJECTS IN EXECUTION

Project Name Approval
nRoaig «CAMINO VECINALES I! zadetee
pRo019 DES. AGRICOLA AREA RIO SAN JUAN 30yunes
pRODIE REFORMA SECTOR FINANCIERO, 28S0p93
DROO73 PROG.PROM. INICIATIVAS COMUNITARIAS SNove4
ROI MEJORAMIENTO DE LA EDUCACION BASICA, I 250ct95
Roos ADMON. DE SISTEMAS DE RIEGO POR USUARIOS GDecds
ROOTS MODER, Y REESTRUC. SECTOR SALUD soc?
pRo118 MODERNIZACION JURISDICCION DE TIERRAS 17Dec97
pR0094 PTMO CT ADMINISTRACION FINANCIERA 9Mar8
pRoi31 --«- PROGRAMA CAMINOS VECINALES egy
PROOTZ DES. COMUNITARIO REGION NORESTE! 23Sep98
DROI3S PROG.EMERGENCIA HURACAN GEORGES 2Decs8
QR0073 MODERNIZACION DEL PODER EJECUTIVO aMar9
DRO PROGRAMA DE REFORMA Y CAPACIT. LABORAL S0Jun88
pRoi23 REFORMAY MODERN. AGUA POT. Y SANEAMIEN 18Sep99
QRO108 MODERNIZACION DEL CONGRESO NACIONAL 185000
pRos12 EDUCACION MEDIA BDec00
_ pRg140 PROG REFORMA INSTITUCIONAL SEC SOCIAL 1Aug0t
REWITC, 1e5-Ot

Informatien 38 of September 25, 2001 15:26:09

http Hopsiexecpsi/expriist.asp?S=DR 9/25/2001

00500000000437


FACTS

Draft Update

Reported Price Increases in medium to large insurance accounts, November 1

compared to year earlier

Share of brokers reporting price increase by size of

increase

Up less than 30% | Up 30-$096 Don't Know
Workers’ compensation 83% 10% TM%
Property $2 46 2
General liability $8 w 2
Business Interruption 6 25 9
Reinsurance 20 5 6S
Aviation 0 25 62

Source; Council of Insurance Agents & Brokers, Survey of Property/Casualty Markets, November 20, 2001.

IN THE NEWS

‘Third-quarter commercial loan originations signal limited impact of Sept. 11 (Commercial Mortgage Alert)...
(National Underwriter)

Insurers filing to exclude terrorism loss
federal-state squeeze on terrorism risks (Standard & Poor's)... Re start-ups face stiff competition: S&P

(Insurance Newsnct)...Post-Sept. 11 market holds greater opportunity—and risk—for captives
(BestWire).,.Industry Focuses on Concentration of Risk (BestWire)...

{(b)(5)]

. Insurance company ratings could suffer in

00300000000083


Ooh Faky Yel 9156

{(b)(5)]

9s00000001149



NOVITHSE 10212 From:SAB A 2025373593 To32E PF IT/IS Job-B50

OIL POLLUTION:

Wuyse worrnnts thet the veavel morn ingiud shall hx wmencd or dcinive chartered by = member of the international
‘Vanker Quners Pollution Federstiun Limited and shall at all relevant Limes be entered ty a Protection and
Indemnity Club ("Pal Club") which is 2 member of the (nternatinnat Group of Pal Clubs and have protection
aad indemnity oF other insurance covering pollution on terms on loot comprebensive in scope and quantum drat
those offered by such axscciatirs in such group. The Buyer shall cacrcise remsomable efforts to crsure that the
vessel carries on board a Cemificatc of Inwurence as described in the 1V92 Civil lisbility Convention for Oil
Pollunon Damage.

LIMITATION OF REMEDIES:

Neither Seller sur Ruyer shall be liable for lom profs ur othur business interruption damages. or special.
consequeraial, incidental, punitive. cxcinplery or Indirect damages, in tort (including eaclipence). coverect of
otherwise, of any kind, arising out of of in any way compected with the perlormaence, the suspension of performance,
the failure wo perform, or the termination of Uuis Agrecenum

LIMITRD WARRANTIES AND EXCLUSIONS:

‘The quality of Ure Product supplied hereunder shall be the penductinn quality of the Product being swpptied at
the lnading terminal at the time of loading. All other conditions, warrantics umd ober terms implied by stxaute,
common line or custom of usage of the trade are excluded

DEFAULT, TERMINATION AND LIQUIDATION:

Hf an Even of Default (as defined betow) occurs with respect to elihcr party heretn, the other party (ihe
“Notifying Party”) may do any one or more of the following: (i) upon three (3) days” written notice to the fics
party extublish 2 date on which any of all Unperformed Contracts (as dcfincd below) will terminate (Karly
Termination Date"}. (ji) suspend the Notilying Party's performance woder the relevant agrocrnents, including
withhalding amy payments due to the Piret party; andlor (in) cactsiew amy and all other remedies availebly under
applicable law: provided im respect of an kivent of Default described in (2) below, all Unperinemed Contacts
shall automatically terminate immediately price w euch event, without amy notice required. The Nonfymg Party
shall culoutasc tx damages, inchuding ity associated costs and artorneys’ fees, renulling (rum the terminatian of
tho Unparformed Contracts selected by it, or in the case of an Cvent of Default described in (Z) beluw. all
Leperformet Contracts (lhe “Termination Payment’). The Termination Payment will be determined by (i)
comparing the value of (a) the coneract price in each Unperformed Contract wy (b) the equivalent quantities and
relevent market prices either quated hy @ bona fide third party oer or which are rexsonably expecud to be
available in the market under » replecement contract, and (ii) ascertaining the exsocwicd coms amd attorneys
fees. All termineted Unperfurmed Contracts shall be nerted against each other and upon netting, if the
calculation of the Termination Payment does not result in damages to the Nutifyimy Party. the Termination
Payment shalt ne yore “The Notifying Party shall provid the other penly & wrlten surement Of the anronut Of
the Termination Payment. The Termisation Payment shall be paid immediately upon receipt of said notice.

Por purposes of this Agrarmen, an “Event of Defeult” meas: ()) the Gilure by a party © make, when duc,
iany payment required of to perform any other material covenans set forth herein in each case within three days
afier roecimt of mocice thereof, or (2) a party shall (2) make an assigninest or arrangement for the benefit of
creditors, (0) Mic « petition oF commence, authorize or acquicsce in the Gammencemen| of « procesding under
any bankruptey of stunilar law, or have such petition Med against it and such proceeding remains undismized
for 30 clays, (c) athorwise become bankrupt or insolvent or (¢) be unable to pay its debts as they fall duc, or (3) 8
party's unexcused fisilure Wo Whe receipt ue accept delivery or discherge wf the Prnkct ie bromch of mus
Agreamant. In this definition of “Fvent of Defeuh”, cach reference to « “party” abull inchaic that party's
gustan OF other Credit support prawiic.

“Unperfarmed Contract” means dhis Agreement of any Other Agreoment if the property in the Product agreed
t be sold thereunder bins not already passed to Uuyer. The term “Other AgrecaentTM shall mean any
qransaction berwoun Use parties hareso other than the wansoction covered by this Aprewment

FORCE MAJEURE:

Ifeither party hereto is rendered unable by an event of Fores Mujoure (as defined below) to pcrfirm ve cuenply fully
ve in part with any obdligstion of condition of this Ayrecment (other than Uhe obligation tu mec full end punctual

SMe gee 1 1071 (2D eee) cuore

00400000000127


WOV-179$8 10:12 From:SAB A 2026373553 T-328 P.1G/15 Job-850

3

Payment will he cffecicd eguiest presentation of the following documents:

1 Sellers commercial invoice triplicate (telecopy ur iclex acceptable).

z Original shipping decurmenc(s) a8 normally issued af inading terminal.

3 Polt st 7) original bill of lading ("D/L") insucd of endorsed to Wuyer or 2/3 eryinal U/L and
Qwncrimasteriagent receipt of 1 original B/L.

Ih the absence of documents 2 and/or 3, Buyer agrees to remit payment against Seller's leter of indemnity
(elecopy acceptable), in the farm specified by the Seller. If thc payment doe dare nits om « Saturday or benk
holiday in the place where Seller's designated bank is lucared which is mot a Munday. peyrmont shall be duc un
the preceding benking dey. If the payment dee date [alls on s Sunday o¢ Mondey bank holiday im thet place,
payment shall bc doc on the banking day mext succeediny the original due date. If Ruyer dame noe pay way
amount when duc, such unpaid amount shall bear interont at 2% per anoum over SIBOR.

CREDIT:

(Payment is ty he secured by an irrevocabis (documentary/standby) letter of credit opened and/or confirmed by
om international hank acceptable to Seller with letier uf credit terms and conditives tu be or in such form as
Seller may resvonably require. Vhe lever of creuit shall be opened and rovcived by Seller [prior to (dete). 190)
Tino later than [five (5)}fseven(7)){ten (10)} days prior to the first day of the laactny ciate range (or om demand
if requested by Seller bess chan [five (5) [sewen (7)iften (10) days before the first day of the lnuding dare
rangs)}. (Buyer to pay all cons ansaciaicd with the letter of credit,}

-andior-

[Buyer shall deliver or cause wo be delivered to Seller [prior to (dete). 199[ J [no later thaw [five
{3)][sevenl7)]{ten (10)] days prior to the Ret day of the loading dase range (or on demand if requested by Seller
teas than [five (3)}[eeven{7)}[ten (10)] days before the first day of the lnading date renyc)], an original duly
executed guarantes from (name of Buyer's pareat or other gusraniar) in mach form us Seller shall reatomehly
require.)

PROPERTY AND RISK:

‘The property and risk in the Product delivered under thie Ayruument shall pays to Buyer e6 the Product paces
the Mange cocnection between the delivery hate and the vcsscls permanent hone commection at the louding
terminal. The Product shall be at Buyer's risk as trom that time.

INSPECTION:

Quantity and quality of Mreduct to be determined conclusively by an independent inspector. Inspector to te
appointed by Keller wad epproved by Buyer (sveh appriresl mucus be enremoradly withheld of detayed) using thy
sandard measuring and texting methods in offovt at the loading wrminal at the lime of delivery with the cos split

Cqualty berwsen Buyer and Seller. The incependemt inypector’s determinations shalt be binding absent freud ar
manifest error.

URMURRAGE/LAYTIME:

‘Tern allowed Inytione fox houiing o Wierty-sim (26) hours (Wurabays, boladeys eid nights imviudkd cacepe us ihe
eaten that loading then is prohibsted by the rules an riguletions applicatic @t the loading Wrminel) and pro race
for part cargucs. Laytime shall consmence at six (6) runaing hunre after receipt of NOR, of upon the versel's
arrival in berth, whichever occurs firs. Laytime shall cense upon disconnection of the loading hoses from the
vessel once heading is ceenpicte, The emyunt uf demurrage paid shall be at the charterparty rate uf weasel excd
subject to 8 maximum of TISDEITSotvdemurrage timit] per day pro rata Deerurnays cleiens must he submited
writing with full supporting documentation within sinety (90) days from AM. date, feiling which they will be
decmed weivod and extinguished. Buyer is only entitled to demurrage to the extent Seller i* able to recower from
its supplice(=), Seller shall wot Hable for demurrage in excess of the amount ecryully peidl Wr vexsul,

Meee NNY TRIPPY 102! (AT heme) unten

00400000000126


[(b)(5)]

Hope this helps. | understand that Freeman wil be meeting Treasury
folks at 2 pn on Monday, | think I've been invited, but am not sure | can
attend as | have an Audit Committee meeting here on the Bank's internal
controls at the same time.

Toda

From: Bruce Juba/ID8-HOMDB@IADB on 11/17/99 01.29 PM

To: Wiliam Schuerch@William.Schuerch@Do.Treas.Gov@Smip@iadd,

David Bloomgarden@Oavid.Bioomgarden@Do. Treas. Gov@Smtp@ladd, Greg
Christopulos@Greg Christopulos@Do Treas. Gov@Smtp@iadb
ce: Lawrence Harrington/idb-Ha/idb@ladb, Todd WW. Crawford Eds

‘Subject: OR Power Project

((b)(5)}

01000000000973


{(b)(4)]

s
c
2
=
w
c
E
2
£
s
i)
£
<
ui

a
o
a
=
o
c
=
os

| :
Tt J TOONOANDTH AM /PE OT ‘tO sAe-OT ke RTD fame wane

00500000000989


Y-3-00

Emergency Power in Nigeria

{((o)(5)]

00500000000868


124% dR Darr Pu

9-25 -0/

{(b)(5)] |

9050000001154



4-3-00
Cenn + E48.

[(b)(5)]

00500000000867


{(b)(5)]

ce: Secretary O'Neill
Peter Fisher
Dave Aufhauser
Mark Weinberger
John Duncan

01200000000910


NOV-1T-38

10:1) FremsSAB A 20R8373593 T3280 P1B/19 Job- B89

PLAT 1’S eueznen

Fuel Oil

The Singapere paper assessment reflects a minimum of $0,000 Wl paper transactiins, Assessments fine
paper are tor ante and twes months forward and are queted an a full catendar basis. As an example, during
the nwnth of February, Plact’s would quote paper for March and for April, It is a non-delivery contract.

The Arab Gulf gasoil quote is assessed as a nethack tw Singapore usin $5,000Imit freighs rates, Freighes
reported in the Plart’s clean tanker repurts are seul. It may alse be assessed independently depending on
Spat cargo movements and competing burrels fran other areas. Sulfur is typically 1.0% max,

The Japan cracked gusoil assessment typowally reflects 2.4.2.7 cobye and 45 miniouin cetane index, Japan
“pure” gasnil quote represents straight-run barrels, typically less than 0.5 color and $0 minimum cetane
index. Both quotes assess 0.5 pet sulfur, +3 deg pour (ummer), +10 dog pour (winter! mazerial menting
Japan customs specifications,

Prices foe all gasoil assessments are quoted on a US dollars per barrel bass,

High sulfur fuel oil (HSFO) quotes are based on cracked fuel with 3.5 per sulfur content on 3 FOB
Singapore hasis. Plamt's assesses 180 and 380 centistoke. The typical specifications are as follows: specific
graviry ar 1S C kgf is 0.991 maximum; flash point is 66 degrees C minimum; pour point is 24 degrees C
maximum; ash on a weight basis is 0.15% maximum; Conradson carbon residue (CCR) on a weight basis
is 16%: vanadium is 200 parts per million (ppm) maximum: sodium is 100 ppm maximum: wacer by dis-
tillarion volume is 0.50%. maximum; sediment dy extraction is 0.15% max; and Shell hot filtcation test
0.15% max. In Singapore, the assessment reflects transactions OF bidsioffers for parcels of a minimum of
20,000me, loading, 15-30 days from the dase of publication. Market participants should specify loading for
a five-day dare range. Seven days print tu loading. seller must declare terminal and buver nominares vessel
with luading window narrowed to three days,

180 CST 2.0 per sulfur cefleces a minicnum volume of 20,0kMinrt landing 15-30 days trom date of publication.
The density is 0.98 maximum and the vanadium 95 ppm and sadium 43 ppm.

The Arah Gulf fuel oil 180 CST quote is assessed as a nethack to Singapore using 90.000me freight rates.
Freights repacted in che Plart’s dirty tanker reports are used. Ie may also he awessed independently depending
Of spat cane mawvernents and competing harrels from other atean. Density in the AG varies and assesements
include 0,96-0.975, Co¥ Japan may be assessed independently since cargos How from various sources,

Prices fur all fuel vil assessments are quoted an a US dollars per metne tn basis,
Quote reflects mixed/cracked LSWR with maximum sulfur content nf 0.3 per on a FOB Indunessa/Singapore
basis, loading 15-30 days from date of publicarin, The indonesian grade typically has a sulfur coment of

0.2 pet, A minimum volume of 100,000 bb! will Ie considered for the assessment, [riges are quoted oa 3
US dollars per barrel isasis,

Please note: The LSWR scraight-run 0,5%S assessment was discontinued effective April 1, 1996.

PRODUCTS—CHINA

1. 91) RON. The lead conecne ix U4 pil. Spevitic wravity is 0.724.753,
2.83 RON, The lead comont is 0.4 g/l. Specific gravity is 0 —,
3. 70 RON, The bead content is 10.4 pil, Spucitic gravity is 0.

Al gasoline quotes are an a GeF South China basis, from atuund the Shenchen area, Parcel sree 1» $000 b+

25,000ent, Assessment windiw is 15-30) dave fram dite of publication. The assessment 1s based oa 4 low
rows perkine wicly a umeaisrogrers CO ubege C= intel a sualtorr cemmrerne oot “4,8 pot

00400000000123


Development Berit
¥ - Active Portfolio
: Country Office of Dominican Republic - Loan Operations
As of September 24, 2004
a DAGRIS CANOE VECNALES uso | OF "34,400,000.99 Do aes eeT.eS W.R rer tra]
SECESTADO OBRAS
PUBLICAS Y
COMUNIC
pace Anais DES AGRICOLA, uso or 48,000,000.00 g25.53203 45,000,9085.22 95.07% 4.753,50275 23
‘AREA RIO SAN JUAN
INSTITUTO NAL.
RECURSOS
HIDRAULICOS
apse: OBA? usp oF £3,500,000.00 oo 13:310991.19 98.60% 199,008.81
oe INICIATIVAS
COMUNITARIAS

PROCOMUNI!
Subtotal fund FSO and currency USO ‘96,900,000.00 635,532.03 90,210,844.24 o7.20% «2,05623.73 24
El pRenis REFORMA SECTOR uso (Of 102,000,000.00 (fO 72,608,500.00 71.16% (78,960,000.00

QRAITD PROG.PROM. uso FO 16,300,000.09 oo 16,500,000.00 100.00% mo 3

ROCOMUNIDAD
wor GRRL MEJORAMIENTO DE uso or $2.000,000.00 €2,000.00 41,714,99658 20.22% 10,157.408.02 7.9
‘EDUCACION
wager (gangs ADMON. usp or 82,000,00099 qanngr.es 13,914.08052 28.76% 730194758 10

sears ngpars APOYO ALA uso Ot €1,200,000.00 471323307 {R82 798.09 27.55% 39,587:968.33 57

1078Qr: DRLIs PROGRAMA DE uso (Ot 22,000,000.99 341955785 2.159,787.28 6.75% 26420587 13
TITULACION
we oRoUs PROGRAMA DE yso (Ot 20,300,000.00 2.212,686.51 souresa? |S 17,982.828.12
1gTROe RRL IA PROGRAMA DE yso |! 41,700,000.00 3,206,091.24 285.0801 17.56% 8498,026.75 12
‘TITULACION

noe OR Om uso me ro.30000.00 480,000.00 gznoneco 08% 9,317,000.00 5
s1arOe- DADA PROGRAMA yso mr 48,000,000.00 saznass.i7 1ecagonaa 378% anseasciao 8
seit nt ees OPTIPL ONESIES 9/25/2061

00500000000434


Smith,

Some Tuesday, ee 08, 2002 5:14 PM

e , Janui . :

bee Sauinc heey a ais Berardi, Steve: imothy; Eichner, Matthew, Gabilondo,

. , Amy, Bair, 5 l , Bitsberger, ; Eichner, ;, Gal \

Jose; Gross, Jared, Hammer, Viva; Lori Sanatamorena (E-mail); Nickoloff, Peter, Novey,
Michael; Pietrangell, Fred; Roseboro, Brian; Schulthess, Heidilynne; Whaley, Jean; Wiedman,

Subject: CFTC’s Exemption for Certain Contracts Involving Energy Products (April 20, 1993)

Sheila,

The CFTC proposed an exemptive order for certain contracts on January 27, 1993. It was finalized on April 20,

1993. (As you mnow, you dissented because the exempiion extended to the antiraud provisions of the CEA.)

| talked to Ken Raisler 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 of! contracts were futures contracts
firsnscon), The CRTC ieued & interpretation in 1990 that saic that Brent contracts were not futures contracts;

. the energy coalition which Mr. Raisier 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, and energy contracts,

Mr. Raisler said that the definition of swap contained in the swap exemption did not clearly cover forward contracts that
might be considered futures. Ths. enenay 2eneon Wak CononrTid Sacak CORES. SUCH a6 BLES CON races, Ss CHOC OF
physical delivery of the commodity but @$ a matter of practice, were often offset by other contracts. thew terms
though the contract called for delivery, and it was not clear that these were “swaps” as then defined (or not).

Be Amoco, wich was on Fhe loping side of Tranencr, sad sorme Wel Street frms wore fhe malor mernbers of He costfon.
Au the See, Exxon was ice iat Dig & pany Duk noe aay eine’ Dorwary cones. En would not start
operatons j

Norman

00600000000100


[(b)(5)]

01200000000908


{(b)(4)]

é
2
oF

a

&
2
£
<
2
G

a
.-2)
a
-

2

3
bar

O 2 TOONOMAOTh ‘M/C: OI HC/EC:OT KR 7D FAUT) wana
o0o0S500000000984

—


i

((b)(4)]

J 1OONOANOTH ‘AU/7C OT “HO /ECCSO1 KK 7 O Inet

o
eS
S
=
1
i=
=
2
&
c
r)
2
<
Wi

a
a
a
=
o
=
3
5

woe
00500000000985


FES-@1-2801 17:14 im ewe DEL Ww i

His Excellency Bulent Ecevit
June 13, 2000
Page 2

The ramifications of such a policy, if it becomes effective iramediately, would be
disastrous for Turkey. Out of over 20 BOT and TOR energy projects currently under
development, no more than one or two have signed a guarantee agreement. However, the vast
majority of the companies developing these projects, our own included, were led to believe that
the BOT and TOR projects would be eligible for such guarantees. The lack of a guarantee would
require a substantial recalculation of financial models upon which responsible and established
companies rely when determining the financeability and economic viability of a given project. In
the context of BOT and TOR energy projects, which must be financed on the basis of the value
of the project revenue and its assets ("project” financing), the lack of a government guarantee for
one or more of the transactions that make up the project will render the project ineligible for
financing from most western financial sources. This condition is not unique to Turkey. It is a
traditional consideration in the qualification and quantification of risk that all established western
financial institutions assess before agreeing to support a project in an emerging market. Thus, in
the absence of full implementation of energy sector reforms, commercial financing will not be
available without a Treasury guarantee.

The problem created by the proposed restraints on guarantees is the same fundamental
problem we had hoped would be put to rest by the adoption of international arbitration for
concession and privatization contracts in Turkey. There, we worked together to remove legal
impediments to the availability of financing for Turkish energy projects. The irony is that only
after the ink dried on the enactment of the constitutional amendments and Law Number 4501 did
this new initiative to withhold Treasury guarantees surface under the mandate of the World Bank
Economic Reform Loan. Now, the restricted guarantee policy, if implemented without a rational
transition process, will make the international arbitration achievement a Pyrrhic victory. The
international investors will be forced to withdraw for lack of financing and the critical promotion
of investment and private sector participation in the Turkish energy sector will be stillborn.
Energy shortages will be more than predicted, Millions of dollars of project development costs
will be jeopardized and litigation by companies led to believe that guarantees would be available
could embroil the Government and possibly the Bank in an embarrassing round of confrontations
in the courts.

All of our companies endorse and support Turkish Government efforts to achieve
budgetary reforms. We agree with the need for the Government to stabilize the public debt as a
share of GNP. And our companies agree that guarantees should be phased out once the reform
and demonopolization program for the energy sector is fully implemented. We do take issue,
however, with the lack of a reasonable transition during the reform period. ‘That transition
should take into account the realities of financing the projects that must bridge the gap between

wonimwav
‘Tees28-201 oUe2001

00500000001943


‘Country
Third Nenad Gas Development Barglaseshs - 107,00 10.10 OBCF
‘Special Rehabilitation Asstmance" Cambodia - 67.70 3.20
Gas Paring Reduction india 300.00 - 450.00 World Bank
181.80 — Eximbarik of Japan
711.80 Export ard Suppliers’ credit
Gas Rehabilitation and Exparstion trea 260.00 - 170.00 Eximbank of Japan
174.00 Export and Suppiters’ credtt
P-T. Weeswesta Gerniiang Indonesta!” Indonesia 17,00 - 20.00 cdc
9.00 FMO
700 AFIC
Second Telecomnmunications Indonesia 195.00 - 75.00 KW
38.00 — Bdimbank of Japen
Power OG Indore 275.00 - 49.00 Export Credit
PT. Sunnymas Prins Agung” Indonesia 9.00 - 4.00
Lao POR

anc
Airports Improvement - 1 a France
1.00 NORAD
200  Thatand
680 NOF
800 OPEC Fund
Microcredit Project for Women Nepal - 5.00 200 3 =Noreay
Fou Of Terminal & Distribution Co, Lid* Pakistan 19.00 - 1800 COC
360 Kes pl Pearce Lt
5.00 pote
Population and Farrdy Planning Papua New Gunes = 7 690 World Banik
10.00 AIDAB
Focestry Sector” Philippines 50.00 50.00 85.00 O&CF
Hopewell Power (Philippines) Corp.” Philippines 40.00 - 172.40 Eximberik of US
367.30 Exdmbank of Japan
8330 «FC
coc
i Batangas Power Corporation” Philippines 26.50 - 50.00 OPIC
ii Buikidinon Resources Co. ine.” Phitppines 4.60 - 680 CDC
i 2.20 AFIC
ti Nonformal Education Phikppines - 25.20 1.60 Nerway
be Primofina Oleachemicals, Inc.® Philippines 15.00 - 750 ARC
uf 10.00 coc
7 600 FMO
i ‘Thai Petroleum Pipeline Co. Lid” Thatand 50.00 - 170.00 Commercial banks
h ‘Second Rural Telecommunications Thatland 84.10 - 41.60 OECF
hh Eighth Power Distribution (Sector) Thaleed 14H - 110.80 Work! Bark/Béatersis
i} Second Erwan Gas Transmission Thailand 100.00 - 100.00 Exim of Japan
{| 155.00 Bank
* | 29.00 Export Credit
| 1 Road Improvement Vaatan, See. - 120,00 36.00 OECF
i Ahutlo Hydroelectric (Suppl) Western Seenoa - 2.00 1.00 IDA
it 160 «EC
it TOTAL (24) 1,579.80 399.01 _3,493.60
} —
Fi ‘a Bank loan approved in 1992.
{ b Private sector loan,
¢ Complementary Financing Scherre.
7 180

00500000000843



Smith, Amy

Sent: “jonvary 04, 2002 6:30 PM

To: Roselcce tran Bax a Sree Croan, Sales acre, ae Bitsberger, Timothy, Smith, Amy
Ce: Schuithelas, Heki#ynne; Nickolof, Peter E Nett, Martha; Gabllondo, Jose; Sutton, Gary
Subject: FW: Draft Memo on EnronCFMA Arbcll

Attached is a memo that details our first attempt to clarify what the press has been saying in regards to Enron and the
Commodity Futures Modernization Act.

| talked to the Ken Raisler, a New York lawyer, about this ie se he Raat oo Ot lobby the administration

prsecdy dotnet ome diend rede ‘Coalition, which Mr. Raisler represented, that di on this issue. The

exempt commodity! yao Ween provision in the CEMA eka nek Gracty bereft Emon dance tarcrcnine wes not

stvctired a @ ading ‘acy 9 ined in the CFMA. Therefore, the major beneficiaries of these provisions are Enron's

competitors, such as the InterContinental Exchange and TradeSpark, which are stuctured as electonic trading facilities.

Bion Gil O6t the legal corteity wanted thet Bie CRTC cannot reguuate EnorOnie However, a3 a practical matter,
EnronOnline operated unregulated prior to the enactment of the C:

Ce ee eee eee cae reo pen Sasletont Secretary Lee Sacheiatia.s Se ovemel commochy Mate According
to Ken, C08 ORs Te eet Soe Fremeny nine [ick CEpone the because of the ex commodity issue
encouraged the industry to reach a compromise wih the CETC In the end, Wall Street eines Satay, Cs, Seed Bie
futures industry, as well ‘as the PWG (including the CFTC) all supported passage of the CF! ‘MA.

Original Message-—~
From: ‘Schuithetss, Heidaynne
Sent: Friday, January 04, 2002 5:10 PM
To: Carleton, Norman
Subject: (Draft Memo on Enron/CFMA Arties

Deeoe be Sea Gran cietoo On tne Ener sxecine (at aseeciac we Wie GEC and PKS Oryscied 10s Aattay ach ieion
provisions of the CFMA The three news articles are downloaded as the latter pages.

|

00600000000045


{(b)(5)]

01200000000909


The Collapse of Enron: Issues for Financial Markets
{(©)(5)]

00300000000087


J be. fo- 7, uF Y
. bt aa
Sef Rabie, | we yt
IATERNATIONAL FINANCE CORPORATION we A
fo)

Quran MULPLATERAL INVESTMENT GUARANTEE AGENCY

“728/19

{(b)(5)]

00500000000992


{(b)(4)]

e Key issues (continued):

I
3
9°
=]
:
2
=
<
2
c
Ww

a
a
a
=
2
s
a

i:
hs
z |

71 A TORMONNO7& NW/7C5QT 18/0601 AR &7 0 foun) watt
00500000000990


CONFIDENTIAL
HISTORY OF AZURIX BUENOS AIRES DISPUTE WITH THE PROVINCE OF

BUENOS AIRES
NOVEMBER 20, 2001

{(b)(4)}

00500000000093


FES-O1-2001 17114 1c oe OL4 ww 2 eee.

His Excellency Bulent Ecevit
June 13, 2000
Page 4

EB. a Public Benefit Interest Resolution from the Mimistry of
Energy and Natural Resources,
F. a posted and current performance bond;
G. a formal letter of interest from an internationally recognized financial institution.

If a project can substantially fulfill these criteria, we believe it is in the best position to
help Turkey bridge the energy gap between today's problems and the promise of a new, market-
oriented system for the future, The private sector is doing its best, and has devoted substantial
resources, to participate in the privatization of the energy sector in Turkey. It is not only fair, but
good policy for the Turkish Government to continue support of that transition if it hopes to avoid
major energy shortages.

We have submitted the observations and proposals contained in this letter because our
companies are friends of Turkey. When a bilateral issue arises in Washington, we are among the
first to commit resources that will resolve the issue in a manner that promotes our bilateral
relationship. We are also investors in energy sectors around the world. We hope that you and
your government may find our experience and point of view useful as you finalize and implement
the transition to a deregulated energy market.

‘We would welcome the opportunity to meet with you in person to discuss this matter
more fully. If you or any official from your government would like to discuss the content of this
letter with a representative of any of our companies, please advise our Ambassador, Mark Parris,
and we will respond in a timely and forthright manner.

Respectfully submitted,

t

Charles R. Johnston,. Jr. On behalf of

Forester Wheeler Corp.
GE Power Systems
Howard Energy Company
North American Coal Company
PSEG Global Inc.
ce: The Honorable Mark Parris
Ambassador
U.S. Embassy-Ankara

Quis
‘TRSTEON OLEATE

00500000001945


Points on disclosure — asset side of insurers’ balance sheet

{(b)(5)]

00753

01200000000098


DEC 14 2201 17:08 FR ENRON INTERNATIONAL «713-345 S151 TO 912a26220391 P.Q2784 ot s+

CONFIDENTIAL
CURRENT STATUS AND BACKGROUND OF THE AZURIX CORP

INVESTMENT DISPUTE WITH THE PROVINCE OF BUENOS AIRES
December 14, 2001

{(b)(4)]

00500000000113


Draft Update

FACTS
Reported Price Increases in medium to large insurance accounts, November 1
compared to year earlier

Share of brokers reporting price increase by size of

increase

Up less than 3096 _| Up 30-50% Don't Know
Workers’ compensation 83% 10% TM%
Property $2 46 2
General liability 88 10 2
Business Interruption 6 25 9
Reinsurance 20 15 6S
Aviation 0 2 62

Source: Council of Insurance Agents & Brokers, Survey of Property/Casualty Markets, November 20, 2001.

IN THE NEWS

Third-quarter commercial loan originations signal limited impact of Sept. 11 (Commercial Mortgage Alen)...
Insurers filing to exetude terrorism Joss (Naional Underwriter)...Insurance company ratings could suffer in
federal-state squeeze on terrorism risks (Standard & Poor's)... Re start-ups face stiff competition: S&P

(Insurance Newsnet)...Post-Sept. 11 market holds greater opportunity—-and risk—for captives
(BestWire)...Industry Focuses on Concentration of Risk (BestWire)...

((b)(5)}

00300000000085


>
wo

666) ounr
JeuopeusajU| UolUy

N
RS

00500000000983

[(b)(4)]
tO/EC:01 KK 7D Inut)

nse nt

“(¢ jo ¢) Ayloedeg uoneiauas
JBMOd I14}99/F |CUOHIPPY 410} pooN oy

ANANNTS


5 140
APPROVED PRIVATE SECTOR INVESTMENT FACILITIES
. (As of 31 December 2000) :
Gin USS Mastioes
Toul
lave Under Bank Compl. Combined = Date of
larerement Nc Company Bgeity _ment__writng “OCH AD Pends Loan Total Appeal
Paxton (contimend)
717/856 Painter Inchserial Leaning Corp. Lad - ons - ) . ass ° 2
* oz, * + - om - O27 T-Aug-0
t cam Ss . ht om8- . axe | heat!
PORT/NS Natt Dev. Leasing Corp. Let - - . 18000 . 15.000 . 1s. rare
° ° - * . - so 5.00
704/958 Pakiotan Syrahenic Lit : 1.200 ar 100 : $200 : sso
7OQ/909  Plonwer Cement Laritet - A500 - 1.00 - mo 300 a
FOT 100) Faugt Fertilizer Co Ut, - - - 2.000 - a eC et
7009/1007 | Oetx Lannung Pakisnan Lat ® - - . S000 ‘: soo $ 300.
“ . - - - - son sao
FOHO/1008 Asian Lenmar Corp. Lick. . . ° 2000 . 300 . 2000 of.
ss < . = : af 200 200
7 Passer ivesenert Fart Ine oC. 4m . ° amo . mo
cd tneernationsl Asset Management Co. « oo = ome amo
ree Prien Venture Capital Cat. : 1.0 - - 10 . 13 ObDec-20h
es Adias Imvescmears Back Let * aso - . - ono - OM0 — t-Dee-s0}
POAT Astars Lamang Corp. Lad - - : 7000 - 7000 - 700 Now
7078/1190 Alten Lanes Lad. - - : sooo « sao " $000 Newer
JOP6/LT Comewst Investment ani - - : rac : 10000 - 10000 -Now-
OT /112 Natt ev. Leasing Corp. Lad. - - - v0.00 - 10.000, - 10.000 B-New-9i|
1139 Ore Lanming Pabisean Lad I - - : ye.000 - 10.000 - 10000 3 New-91|
Palasean text de Commercial Lessing - - - sc - S00 - | Seno Nowa
135 Pakisear eclustetal Lanning Corp. Unt - - - acm - acco : 4000 Nowst
PAK Asian Fund * " 200 - . : 2@0 . 200 Aug}
‘7080/1255 agi Cll Terrmunal ant Disenanon Co, Lxt - 12 - po ” . wow 10 nm C-Sep-D|
miss Ades Lanse Lad : - : yan - 10.000 ‘ 10000 © 10-Cen.35
7112/1993 Nat Dev, Lessing Corp. Lad 1V : - - 5.000 - 35.000 ° W800 10-8
TU3/1994 Ortx Leasing Pakiwears Lod. - - : om - 2000 - 200 10-Cen a
TUAY1206 Paikistar Incuatrial Lansing Corp, Lat It - - - = 1So00 - 35.000 - 18000 16-Cens
TR26/1434 Pau Kaberwale Power Co. Lad, : 5x0 - no - 20) BOO | Ope
nw Pahustan bxport Reance Guarantee : 200 - : 2000 - 2000 OF-Dec-00}
7a cE 4X0 22.500 = T2as 19x as
|raitipptnes
708 Phareers Development Bark - os ° - - - ces Now
- ost : - - 035 - om monn
720/885 PRL Long Distance Tetephone Ga. - . - ~ om . 24000 - 24000 ThAug-Ai
rms Hd QPhlippine Vereures Ps 2TM0 ‘< “ . 2500 . 2500 {Sepa
743/991 Hopewell Energy (Phaippinan) Corp. - 1100 - yao . 100 iGo 1D Dw.
7089 am/Peioe actos - - - 4000 : 4000 lt
TOE /2085 Avarsex Mill Corp. - . - acoo - .m0 0 kom
7OU9/108S | Shemberg Biotech Corporation - ome - ax - 509 - 589 Sun 91
TOTL/1083 Marcopper Mining Coepersticn - - - now - 38.000 - 15.000 OAs 91!
Southern Energy Quason, ine. = 10000 - m0 socn0 : 200 aya
e: Besangas Power Comp. - 3.000 - 6500 200 - 7 BO taps
Bufodren Resources Ca, Ine - as - 4 - 5500 - 5500 21-Sep-18
FS es0 ° : 0x00 ° Cx eee
7os (1263 Primo Oleocheemicala, fee. s soo - so . co 70 mm | Nev
* um - - : um - 2am. Conte

n06 Walden AB Aula Vennares Ca, Ine

00500000000841


{(b)(5))

00300000000084


{(b)(5)]

THE WORLD BANK
INTERNATIONAL FINANCE CORPORATION
MULTILATERAL INVESTMENT GUARANTEE AGENCY

00500000001155


FACSIMILE TRANSMITTAL
THE WORLD BANK

OFFICE OF THE U.S. EXECUTIVE DIRECTOR
1818 H Sereet, NW Room D-13-004

Washingtoa, DC 20433

pare: [34 [se NUMBER OF PAGES INCLUDING COVER SHEET: -) 9

To: E} 2abeth SfeworT

FAX NUMBER: b49- 950 5-

FROM: Janice Mazur, Procurement Liaison
TEL: (202) 458-0118
FAX: = (202) 477-2967

COMMENTS:

— Bonsladesh emersenc, power

1 + TAMAAAAATL mensPe AT rAseeeat £e RI fae won

00500000000979


{(b)(4)]

3
=
8
g
£
c
£
a

3
a
=
o
c
=
“”

AT + TANAANAATE HE/PE AL Ta s/Ae Ot ke RTH fuel wove

00500000000988


ue

Table 15

PRIVATE SECTOR INVESTMENTS APPROVED IN 1993"

$
{amounts in $ million) th
i]
Total I
Equity Bank Complementary i
Country Investments Underwriting Loans Funds Loans Total HI
i
dia i!
Twentieth Century Capital Corp.” 110 - - 110 - 110 i
Twertteth Cannary Finance Corp, Lat + - 20.00 20.00 - 20,00
ICDS Limited - - 10.00 10,00 - 10.00
Iedrastructure Leasing and Financial Services Lid. - - 15.00 15.00 - 15.00
Kotak Mabindma Pnance Lid, - - 15.00 15,00 - 15.00
indonesia
P-T. Wenswests Gemilang 150 - 17.00 180 - 18.50
PT. Suaeyenas Prima Agung 2.00 - 9.00 11.00 - 11.00
Pakistan i
Fauf Of Terminal and Dutrbution Co, Lid. 1.00 - 19.00 20.00 11.80 31.89
Hopewel Power (Philippines) Corp. 10.00 - 40.00 50.00 - 50.00
Batangas Power Corp. 3.00 - 26.50 29.50 - 29.50 |
Buddrion Resources Co., tne. 0.90 - 4.60 550 - 550
Primafina Oleochericals, lnc. 3.00 - 15,00 18.00 7.50 2550
Thailand "i
Thai Petroleum Pipeline Co. Lad - - 50.00 50.00 . 50.00
‘That Rating and tefoemation Services Co, Lad 02 - - 0.20 - 0.20
TOTAL 22.70 0.00 241.10 263,80 19.30 © - 283.10 |
7 Approved by the Boaed of Directors: excludes imatments under ines of ecpaty approved by Management iF
> Supplementary approval. iy
ii
1
Table 16
ANNUAL PRIVATE SECTOR OPERATIONS, 1986-1993
{amounts in $ million)
Public Sector Direct Private Sector
Loans" Loans & Investments Total of !
a) (2) (1) and (2) Private Sector's Share
in Bank's Total
Year No. Total Equity Loan No. Total No. Amount Annual Lending
Amount Amount Amount Amount *
1986 2 1010 60 64 4 124 6 134 56
1987 6 625.0 216 205 7 41 13 673.1 a8
1988 5 3925 35.6 $8.0 u 36 486.1 164
1989 5 1050 675 957 19 163224 8682 23.6
190 5 256.0 69 788 vv nay 2 370.7 93
1991 5 285.0 205 1568 16 730 2 462.3 96
1992 4 6s 189 30.0 5 65.9 9 7374 144
1993 2 20.0 227 2611 “4 2638 (16 5138 97

ij
181 SEY

00500000000844


WOV-1T-98 10:13 From:SAB A 2028373533 T+328 PLL/IS Job-880

s

payment of aif amounts due under thet Agreement), that party (the “Non-Performing Party”) shall promptly give
written moves 10 te Other party uf such cvont of Perce Miyeure (und in any event 0 beter that fory eight (48) herwen
of receiving nesice of such yccurrence of such event of Hora: Majeurs), and upon giving wich written notice, such

or comptiqnve shall be suspended for sr lang = such event of Hones Majeure salma, pruvkied always
that the Nom-Performing Party shall use its reasonabls cflurts to avoid or remove the event of Korce Majeure if
possible, and that Buyer and Sellve shell resume performance hercunder with the utmost diepateh whenever the
event of Force Majeure iv removed. In the event that the Nom-Performing Party's performance is suspended for
wore than thirty (30) calendar days frum the date such notice in given, the other party, in its sale discretion may
terminate this Agrecenent by wrieren notice to the Non-Purfarming Party, and ncithcr Buyer nor Seller shall have
any further liability to the other, except for rights and remedies previvusly accrued under this Agreement and
obligations tv pay sums then duc and owing.

As used herein, the term “Force Majeure” shall include: (7) fires, earthquakes, lightning, Noods and other ects
of maiural calamity of acts of God; adverse weather: nuvigational accidents, verncl damage of lots: strikes,
srievances or actions by or smong workers, lock~auts, o¢ other labour disturhances (whether or not auch tabour
difficulty could be settled by acceding to any demands of any such lehour group of individuals), accidents at.
closing of, of restrictions ypon the use of mooring (acilities, docks, harbours, ports, pipelines, or other
navigational of tronsportatinn mechanisms, explosions or accidents to wuils, pipelines. storage Plants, refinerien,
terminals, machmery, and other facilities; ec of wer, hostilities (whether devlered of urdectared), civil
commotion or acts of the public enemy: any eet or omission of any dumcatic or forsign national, staic, regional,
fracal ot municipal yrwermmentsl body, agency, mairementulity, authority of ently esteblahed or controlled hy
governnents, or subdivision thereof, inching, but not limited to. any legislative, sdnsinistrative or judicial
buady, uf any ersun purporting to act therefor (""Coveramantal Authority”); good faith cumplianes with any
order, request of directive of any Governmental Authwity, or (ii) any other cause uf causes reasonably beyond
the control of a party, whether sunilar or dissimilar to those above and whether foreseeable or unforesceable,
which, by the exercise of dus diligence. such party could not havc been able to avoid or owcrenms. Seller's

ility to sell tee Product to 9 market ef 4 more advantageous price, shall not cemstituic an event of Farce
Majeure.

TAXES:

Seller will pay sil taxes or other charges imposed upon the Product delivered under this Agreement which ara
incurred by Sciler prior wo wansfer to Buyer of title to Ue Prodet, Buyer will pay all wrcs or other charges
impamed pon the Product delivered under Uris Agronment which are incurred by Buycr after transfer to Buyer of
title to the Product, [f eiher party hereto is required by applicuble luw mm pay any of the taxes, fees or asscewnents
which are the roxponaibility of the other purty under this Section. the rerponsible pasty shall prumpily reimberee the
paying party tor al! such payments.

ASSIGNMENTS:

This Agreement shall he binding on the respective successors and permiticd amigns of the partios hereto and shult
not be contireed as creating rights or benefiss in any other person oF ontity; provided, member party shall have the
power to mmigh its rights ur vbligations under Uris Agreement, in whole or in part, without the prior writin cunsent
‘of the other party, sch consent not to be unreasonably withheld. Any assigsnant not mate «n eccordance with Gus
‘Section shall be void

COMPLIANCE WITH 1.4W5;

Fach party hercuy shall, in the performance of this Agreement. comply with all applicable Laws end Reyulaginne
(as tiefimed below) in GITUGE On te Uste this Agresrisctt was entered jnty, wind ua ery miu bo eremmibeal Fore theme
to time. Kor the purpose of this Agreement, the term “Laws and Regulations” shalt mean the applicable
orders, directives, and agreements of, and/or concessions and arrangements with. any Govermncntal Authority,

COVERING LAW AND ARBITRATION:

This Acreement shall be governed by and construcd, enforced end pcrfurmed im uccontance with Smpenore law
and to the exclusion of the laws uf any other lege! aysicms, The partics herets ayrec thet this Agreement shall be
decined to have been made  Ningeper: The partion agree Chal the United Nenans Convention on Contracts for
the laternutional Sales of Goods (1940) thal nat apply to, or govern, this Agreement, The parties hereto agree
that any dixpule arising out of or in connection with this Agreement, including any question regarding ix
existence, validity ur iermination, shail be referred 10 ad finally resotved by arbitration, under the Rutcs of nc

FM egetPtY TROCVTION 2uneta) weve

00400000000128


MEMORANDUM FOR JOSHUA BOLTON
DEPUTY CHIEF OF STAFF
WHITE HOURSE

FROM: Sheila C. Bair
Assistant Secretary for Financial Institutions

SUBJECT: Policy Issues Presented by the Enron Bankruptcy

{(b)(5)]

01200000000907


1775 Eye Storet, NW, Suite 800
Washington, DC 20006
My (202) 466-9151
0, Fax (202) 331-4717
DOMINICAN REPUBLIC
THE SITUATION OF THE POWER SECTOR

1, SUMMARY

For the last 30 years the power sector of the Dominican Republic has gone through a chaotic situation.
Although the present government has expressed the intention to resolve the problem, there are few signs of
improvement to date. The main problems of the sector are (a) the lack of effective generation capacity to
cover demand and to provide reserves for the system; (b) the weakness of the national transmission system;
and (c) the high distribution and commercial losses. As a result, the country has been subject to constant
power shortages and blackouts and the central government has subsidized the sector heavily

Under these circumstances, it has been extremely difficult for the power sector participants, including
Corporation Dominicana de Eleetricufad (CDE) and the Independent Power Producers (IPPs), to operate
efficiently

2. THE POWER SECTOR

CDE was created in the late 50s to replace the small private power companics that provided scrvice to the
cities in the country. During the 60°s CDE operated efficiently, but quality of service started to decline
steadily during the 70°s. The reason The government. owner of CDE. established a policy of providing
electricity to all Dominicans, regardless of their needs and capacity to pay In most instances service was
provided free of charye.

In the 1990's, several private companies have entered into the sector by constructing and owning generation
facilities. Presently there are seven projects operated by different investor groups The total capacity of
the IPPs is 600 MW

3, MAIN i THE

A. Management of CDE, Traditionally. the management of CDE has been considered a political prize and
the General Administrator has boon nominated directly by the President of the country. Because of the
nature of the process, political appointees achieve ther position without regard to training and experience,
Even when a capable Administrator was appointed, he found no political support and had to work with an
institution traditionally incapable, where private and often corrupt interest prevailed.

In the absence of experienced leadership. small nuclei of power developed within CDE. A typical example
is the Office for Control of IP's. which often in an authoritarian and unilateral way decides on how to
interpret Power Purchase Agreements (PPAs). of what amount of the monthly invoices presented by IPPs
should be paid, of wav to pay the IPPs, ete

Natural gas. Electricity. Endless possibilities.

00500000001404


kWh generates revenue, The other two kWh are lost or not collected. ‘The situation is similar to a
storcowner (“colmado”) who must buy three sacks of rice to sell only onc sack (the other two being lost or
stolen). No one, not even CDE, can survive such commercial operation.

A word regarding electricity rates: in 1997 the average price of electricity sold by CDE was 12.0 US
cents/kKWh. Average price paid by CDE to the IPPs was about US cents 7.0 per kWh and the average price
of generation from CDE’s own plant was 6.0 US cents/kWh If losses were “normal” (even as high as
20%) and all bills were collected, the margin between cost of generation and selling price should be ample

to permit a profitable operation.
7. RELATIONS OF CDE WITH THE IPPs

CDE depends heavily on the generation from IPPs, In 1997 the IPPs provided about 43% of 7,000 gWh
input to the system. ‘This contribution was made despite the fact that these same IPPs have less than 30%
of the nominal generating capacity on the system. However, due to its poor financial situation, CDE cannot
meet its financial obligations with the IPPs, At the end of 1997, the amount due by CDE to the IPPs was
about US$80 million (including amounts disputed by CDE). In the case of SECLP at the end of 1997 total
amount due by CDE reached US$38 million of which $32 million are amounts disputed by CDE.

8. THE FUTURE OF THE POWER SECTOR

President Leonel Fernandez is committed to resolve the power sector problems of his country. Toward this
end his administration has submitted to Congress the Electricity Law, hopefully it will be passed in 1998
This should allow the privatization of CDE, which has been initiated, to conclude successfully. There is a
general consensus among most political parties that the only realistic solution to the power crisis is to let
the private sector participate in all aspects of the business This involvement will bring to the power sector
contributions of new capital as well as efficient operating and administrative processes. Out of the
restructuring CDE will come fiscally sound power companies and much more reliable electric service for
the people of the Dominican Republic.

2/19/98

00500000001406


{(b)(4)]

00500000000094