Enron Mail

Date:Tue, 14 Nov 2000 20:13:00 -0800 (PST)

Thank you for arranging the meeting yesterday.
In rough outline I described a trading activity where the activity would
include 2-3 million tons per annum of ammonia with similar volumes in each
of the other primary items handled which would include phosphate
rock,sulfuric acid,DAP,urea,urea ammonium nitrate solutions,and sulfur. In
the course of our discussion it was correctly noted that the scope of the
base trading income anticipated would fall in the range of $50-$70million
per annum and? that was short of the mark you would like to see in your
I would comment that there will be better years but to average much above
these objectives will be unlikely in these markets as they exist today.
To find more on a consistent basis we would need to anticipate investments
in bricks and mortar.?There will be many opportunities (terminals, shipping,
handling, production) where we will find a IRR over 20 with an exit strategy
of less than five years. These are opportunities above and beyond the base
trading income anticipated.
I am posting to you a copy of the data distributed yesterday.If I can answer
any questions please let me know.
Kind regards
George Dorsey
713 302 2047??