Total's Master Swap Agreement

FYI: We have several "Total" agreements. I don't know the relationship. =
=20
Are these commodities global? SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 08/06/99 09:=
00=20
AM ---------------------------

John J Shoobridge@ENRON_DEVELOPMENT
08/05/99 05:20 PM
To: Patricia Cini@ENRON_DEVELOPMENT, Sara Shackleton@ENRON_DEVELOPMENT
cc: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Federico=20
Cerisoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gabriela=20
Aguilar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don=20
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rodolfo=20
Freyre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT=20
Subject: Total's Master Swap Agreement

Pat,

I have faxed to you the financial statements of Total Austral S.A..

We are potentially entering into a MSA with this customer. The first=20
transaction we are thinking about is a financial Swap to hedge their=20
Propane-Butane production in Ca=0Fadon Alfa according to the following deta=
ils:

1. Swap Prices Prices
SWAP (cents/ gallon) - Bid=091 year=096 months
Propane=0935 3/4 =0938 3/4
Butane=0940 3/4=0943 1/2

2. Put Option
Put Option (cents/gallon)=091 year - Premium=091 year - Strike=096 months -=
Premium=096 months - Strike
Propane =092.5=0932 3/4=092=0935 3/4
Butane=093.0=0937 3/4=092 3/8=0942

Propane
Volume: 45.000 metric tons. =20
Starting date: Nov 1 =20
Butane:
Volume: 19.000 metric tons.=20
Starting date: Nov 1

Sara: Would you please start drafting an MSA with Total Austral S.A.? Pleas=
e=20
let me know if you need any aditional information.

Regards

John Shoobridge