Re: Northwest Shelf Bid

we need to proceed with pricing this, but let's help these guys understand.

Merritt Thomas 09/29/2000 05:27 AM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Northwest Shelf Bid

Eric thought you might want to see this. Obviously Brad can tell you more if
you are interested.

Regards,
Merritt

---------------------- Forwarded by Merritt Thomas/LON/ECT on 29/09/2000
11:14 ---------------------------

Brad Hitch @ ENRON_DEVELOPMENT on 28/09/2000 23:17:32
To: Merritt Thomas@ECT
cc:

Subject: Northwest Shelf Bid

Merritt,

Call me to hear the latest about the Northwest Shelf deal. V V left me a
message saying that he would still let us "work on the pricing, structuring
side", but that he's been kicking his bid around with Wayne, Clay and Rick
and they're going to put together their own idea. Gee, are you getting the
impression that they don't get it? They seem to want to go long on
Australian cargoes by bidding at a price that would only make economic sense
if it goes into India. They're not going to go through us to get there.
They didn't comprehend that to take a long position means that you are
putting that position in a book. I'm going to lose it.