Re:

Thanks for the update.

Ross Koller
11/14/2000 03:01 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

it isn't dead, but things are moving slowly.

the deal was initiated and is still being headed by jarek astramovicz (sp?)
head of the warsaw office. he says he is getting the green light from
sheriff to proceed, despite the potential headlines. however, the lead
finance/origination guy here in london, michael mills, has resigned. i
talked to paul chivers about the deal yesterday and he will take mills' spot
temporarily.

in the meantime the polish govt has also ruled that pkn (owners of other
polish ref) will not be allowed to bid, as jarek predicted, and which puts us
in a good position.

we have not done anything yet, because i did not want to start working on
something that did not get official backing, and support from finance.
what we will need to do as soon as everybody has gotten over the
ramifications, is put together the various curves (fob basis) for the main
products for 3-5 years out (length of our potential put option). so far our
attitude is that we treat this as an export ref and we will deal with the
products as such. any money made from the internal market will be gravy.

if we get management sign-off, this deal has a high potential of happening,
and we will be handed 25pct of a refinery, and probably control over the
products execution and hedging.
will keep you posted.

From: Jeffrey A Shankman 14/11/2000 00:18

To: Ross Koller/LON/ECT@ECT
cc:

Subject:

Any updates on the Gdansk refinery, or should I assume that the deal is dead?

Jeff