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Enron Mail |
This is what I mentioned today.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/16/2000 11:49 AM --------------------------- Rick Bergsieker@ENRON_DEVELOPMENT 10/15/2000 09:39 AM To: V V Rao/SIN/ECT@ECT, Jeffrey A Shankman@ECT cc: Clay Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: IMPORTANT: MetGas Equity Sale & SPA Disclosure Jeff---fyi---this train is leaving the station and it's nto clear who is driving it V V Rao@ECT 10/12/2000 09:44 PM To: Clay Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Subject: IMPORTANT: MetGas Equity Sale & SPA Disclosure I am getting increasingly concerned about the MetGas equity sale and the pace at which it is proceeding. We discussed this last week and I thought the consensus was to slow this process down and exclude partners who could impede our strategic global LNG interests -- for example Petronas and BP Amoco. I now understand that we are making presentatations on the equity sale to potential investors next week in Singapore (BP, Petronas, CEPA, Mitsubishi, etc). I don't like the notion that we must disclose our TIGA to SPA to potential investors. There are several aspects of that SPA which gives us strategic advantage over other competitors - for example the diversion clause of 0.5 MMTA. I like even less the thought that one of our partners will see the Master Supply Agreement (MSA) to MetGas. Once a competitor sees the MSA they will have some insight on how to undermine our supply aggregation efforts and how Enron manages its Global LNG risk book. This is a serious concern and we must ensure that it doesn't happen -- first by exclusion and then by negotiation (i.e. in the shareholders agreement we don't give investors with less than 10% equity the right to see contracts -- by the way Petronas does this routinely with its partners in MLNG TIGA). Your thoughts?? vvr
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