Energy Central Daily Gas News

Message-ID: <4290654.1075860867161.JavaMail.evans@thyme> Date: Thu, 21 Feb 2002 17:50:35 -0800 (PST) From: gasnews@mail.energycentral.com To: khyatt@enron.com Subject: Daily Gas News - 2/22/02 Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: gasnews@mail.energycentral.com X-To: khyatt@enron.com X-cc: X-bcc: X-Folder: \Kevin_Hyatt_Mar2002\Hyatt, Kevin\Deleted Items X-Origin: Hyatt-K X-FileName: khyatt (Non-Privileged).pst Energy Central Daily Gas News

FRIDAY, FEBRUARY 22, 2002

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TOP STORIES

Pakistan promises to help with Iran-India gas pipeline
Feb 21, 2002 - Agence France-Presse Islamabad will provide all necessary help and cooperation to Tehran to build a proposed Iran-India gas pipeline, Petroleum and Natural Resources Minister Usman Aminuddin Thursday told his visiting Iranian counterpart.

Laclede Gas Files Suit against Missouri Public Service Commission's Rate Rule
By Repps Hudson, St. Louis Post-Dispatch, Feb. 21 Laclede Gas Co. filed suit Wednesday in Cole County Circuit Court to challenge the Missouri Public Service Commission's decision in September to end a six-year experimental rate plan.

Japan, US firms eye $1.2 bln in Philippine gas, oil
MANILA, Feb 21 (Reuters) A consortium composed of Japan's Marubeni Corp and U.S. firms Unocal Corp and Gulf Resources has expressed interest in investing up to $1.2 billion in oil and gas exploration projects in the Philippines, a senior government official said.

Enron Debacle

Federal Prosecutors Consider Corporate Indictments for Enron, Andersen
Bby Mark Curriden, The Dallas Morning News, Feb. 21 Federal prosecutors are weighing the possibility of indicting Enron Corp. and Arthur Andersen LLP as part of any criminal charges that result from the collapse of the energy company, lawyers involved in the case said Wednesday.

401(k) Cases against Enron Are No Longer in Limbo as Judge Lifts Stay on Suits
By Rosanna Ruiz, Houston Chronicle, Feb. 21 The judge overseeing Enron Corp.'s bankruptcy on Wednesday lifted the stay against lawsuits pending against the company.

Clinton Helped Finance Enron Projects Abroad, Maintained Close Ties to Lay
By Patrice Hill, The Washington Times, Feb. 21 The Clinton administration provided more than $1 billion in subsidized loans to Enron Corp. projects overseas at a time when Enron was contributing millions of dollars to Democratic causes.

Judge orders examiner for Enron's biggest unit
NEW YORK, Feb 21 (Reuters) - A U.S. bankruptcy court judge in New York on Thursday ordered the appointment of a financial examiner to monitor cash flows at Enron Corp.'s biggest division, Enron North America, a move hailed by some creditors.

New Retention Bonuses at Enron Likely So Key Personnel Will Remain
By Bill Murphy, Houston Chronicle, Feb. 21 Enron will likely pay more retention bonuses to key personnel, despite criticism of previous payments made shortly before the company declared bankruptcy in December.

Former Enron Chairman Lay Told Analysts of His Faith in Financial Officer
By Julie Mason, Houston Chronicle, Feb. 21 Even after learning of problems with partnerships created by Andrew Fastow, former Enron Corp. Chairman Ken Lay sought to reassure skeptical analysts in a conference call last October that he remained fully confident in his company and chief financial officer.

Government Aid to Enron for India Project Could Haunt Taxpayers
By David Ivanovich, Houston Chronicle, Feb. 21 Enron Corp. was never shy about tapping the resources of the federal government to finance projects around the globe.

Lawyer Named in Lawsuits Will Retire from Enron Post
By Mary Flood, Houston Chronicle, Feb. 21 Enron Corp.'s top in-house lawyer, James V. Derrick Jr., will retire March 1, the company announced Wednesday.

Judge Tells Law Firm to Dissolve Order against Former Enron Chairman
Houston Chronicle, Feb. 21 U.S. District Judge Melinda Harmon on Wednesday ordered a law firm to dissolve a temporary restraining order granted in a state court against former Enron Corp. Chairman Ken Lay and other former Enron executives.

Former Treasury Chief Rubin Was Offered Job on Enron's Board
By Julie Mason, Houston Chronicle, Feb. 21 Former Enron Corp. Chairman Ken Lay in 1999 offered a seat on the company's board to then-Treasury Secretary Robert Rubin, who later tried intervening to forestall the company's collapse, according to documents released Wednesday.

Enron's Business in Caymans Raised Suspicions on Island
By Gregg Fields, The Miami Herald, Feb. 21 This lovely island, where scoundrels from Blackbeard to cocaine cowboys have landed looking to launder lucre, was a second home to Enron.

Enron ventures got over $1 bln in U.S. aid-senator
WASHINGTON, Feb 20 (Reuters) Foreign ventures involving Enron Corp. received over a billion dollars in U.S. government loans and other support since the mid-1980s, a senior Republican senator said on Wednesday.

Enron built fake nerve center for new operation
HOUSTON, Feb 20 (Reuters) - It wasn't only the accounting that was creative at Enron Corp.

Enron traders back in business with former rivals
By Stuart Penson, LONDON, Feb 21 (Reuters) Enron's European energy traders, axed three months ago when their firm folded, are back in business in dealing rooms across London after clinching well-paid jobs with former rivals.

Technology Enron Saga Plays Like Nighttime Soap
By Bruce Nichols, The Dallas Morning News, Feb. 21 A corporate titan brought down by greed, bad judgment or both.

BG chief on the attack over blame for Enron
Feb 20 - Daily Mail - London DON'T blame us for Enron, say the world's energy traders.

Mergers, Acquisitions & Divestitures

Two Georgia Gas Firms in Merger Discussions
By Matthew C. Quinn, The Atlanta Journal-Constitution, Feb. 21 Two Georgia natural gas marketers are in merger talks.

British Energy Supplier Centrica Is in Talks to Buy Enron Spinoff NewPower
By Laura Goldberg, Houston Chronicle, Feb. 21 NewPower Holdings, created by Enron Corp. and spun off as a retail energy provider in deregulated markets, is in talks to be acquired by Centrica, a large competitor in the United Kingdom.

Houston Oil-Well Service Company to Buy Louisiana Rival for $420 Million
By Susan Kreimer, Houston Chronicle, Feb. 21 BJ Services Co. has agreed to buy competitor Osca for about $420 million to expand its product line.

Predators Stalk British Energy Producer BG amid Industry Consolidation
By Robert Bailhache, Sunday Business, London, Feb. 17 Whispers of a bid for BG are growing louder.

Monopolies commission warns against Eon/Ruhrgas merger
Feb 21, 2002, (Financial Times Deutschland /FT Information via COMTEX) -- The independent monopolies commission has warned of the negative consequences of a takeover of Ruhrgas, Germany's largest gas supplier, by Eon, the multi-utility.

Itron buys LineSoft in $42 million deal
Feb 21 - Spokesman Review Itron Inc., one of the area's shining tech companies, has acquired one of Spokane's thriving startups, LineSoft Corp.

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Gas Pricing/Hubs

Canada natgas prices mostly fall, Alberta steady
CALGARY, Alberta, Feb 21 (Reuters) Spot natural gas prices across Canada mostly slipped on Thursday, although Alberta held steady on expectations of a brief taste of winter this weekend, industry sources said.

U.S. spot gas dips, cold seen lifting cash next week
SAN FRANCISCO, Feb 21 (Reuters) U.S. day-ahead natgas prices, pressured by Wednesday's weak NYMEX close, fell on Thursday, but most traders said they expected cash to firm next week when colder weather hits the Midwest and Northeast.

NYMEX Hub gas ends higher on colder forecasts
NEW YORK, Feb 21 (Reuters) NYMEX Hub gas ended higher Thursday in fairly active trade, driven by forecasts for much colder Midwest and Northeast weather next week despite persistent concerns about bloated inventories, sources said.

Unseasonably Warm Weather Deters Natural Gas Buyers
Feb. 21 (Btu's Daily Gas Wire) The current warmth that is covering the entire country deterred buying in the natural gas physical market, traders said.
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Production

Shell shuts 60,000 bpd Gulf crude production
HOUSTON,, Feb 21 (Reuters) - Shell Exploration & Production Co. said Thursday it has shut in production from the Brutus tension leg platform in the Gulf of Mexico for at least a month following valve failures in the production system.

Futures

Natural gas edges higher on fund buying interest
February 22, 2002 (TradeSignals via COMTEX) -- Natural gas futures ended Thursday's session higher as supportive fundamentals underpin improved trade prompting fund buying in the process.

Pipelines

Alaskan senator wants to mandate 'southern' route for arctic gas line
Feb 21 - Oil & Gas Journal Sen. Frank Murkowski (R-Alas.) said he wants federal legislation directing Alaskan North Slope producers and pipeline companies to build an arctic gas line that parallels the oil pipeline to Fairbanks and then the Alaska Highway to British Columbia.

Rates
For more information on rate tariffs visit Gas Rate Tariffs

Residents decry gas company rate plan
Feb 21 - Providence Journal One by one they walked up to the podium and blasted the gas company.

Energy Efficiency/Conservation

Mainers favor conservation over drilling
Feb 21 - Bangor Daily News Bangor, ME The people of Maine support increasing efforts to conserve energy before building new power plants or drilling for more oil, according to a poll released Wednesday by the Natural Resources Council of Maine, the state's largest environmental organization.

People

Bank of America names new natural resources chief
NEW YORK, Feb 21 (Reuters) Bank of America on Thursday named Joseph Carey as its natural resources group head, replacing Steve Bragg, who decided to leave the No. 3 U.S. bank holding company in the wake of losses related to bankrupt energy trader Enron Corp.

Environmental

Lieberman Chides Bush On Alaska Oil Drilling and Clean Air
Feb 21, 2002 - E&E Publishing Connecticut Sen. Joseph Lieberman (D) announced yesterday that his Senate Governmental Affairs Committee will hold oversight hearings next month on the Bush administration's environmental policies.

Financial

Centrica share placing set at 215 pence
LONDON, Feb 21 (Reuters) British gas and home services company Centrica Plc said on Thursday its share placing to fund U.S. growth had been set at 215 pence a share, raising some 426 million pounds ($607 million).

Star Gas Partners says does not know why units are down
STAMFORD, CT, Feb 21 (Reuters) Star Gas Partners L.P. said it does not know why its senior subordinated units have fallen more than 11 percent in Thursday trading.

BG to increase investment, but will miss ROACE target; FY results in line
LONDON, Feb 21, 2002 (AFX-UK via COMTEX) -- BG Group PLC, the oil exploration and production company spun out of the former British Gas, unveiled plans to increase its investment by 600 mln stg to 5.6 bln over five years alongside full-year figures which met broker forecasts.

Financial - Results

Fort Worth, Texas-Based XTO Energy Posts Quarterly Profit despite Hedging
By Dan Piller, Fort Worth Star-Telegram, Texas, Feb. 21 XTO Energy of Fort Worth overcame a $6.5 million loss on energy hedges during the fourth quarter to post a quarterly profit of $41.2 million, or 33 cents per share.

International

Cortina: "the government favours electricity companies more than gas companies"
Feb 21, 2002, (Expansion /FT Information via COMTEX) -- Alfonso Cortina, chairman of Spanish petro-chemicals group Repsol YPF, which owns 45 per cent of Spanish gas company Gas Natural, said on the second day of the energy conference yesterday that there is a clear regulatory asymmetry which favours electricity companies.

First Philippine Holdings unit to invest up to 1 bln usd in gas project
MANILA, Feb 21, 2002 (AFX-Asia via COMTEX) -- First Generation Holdings Corp unit First Gas Holdings Corp is ready to invest 800 mln-1 bln usd in the transmission, distribution and power generation businesses if it secures the contract to bring Malampaya natural gas to Manila, First Generation president Peter Garrucho said.

Ministry approves Tractebel as Lima gas distributor
Peru, Feb 21, 2002 (BNamericas.com via COMTEX) -- Peru's mines & energy ministry has pre-qualified Belgian energy company Tractebel as the strategic operator of the concession to distribute natural gas from the Camisea field to capital city Lima and the adjacent port of Callao, the government announced in the county's Federal Register equivalent.

WA opts for a single regulator
By Nigel Wilson, Feb 22, 2002 (The Australian - ABIX via COMTEX) -- The Western Australian Government has decided a single competition regulator will operate in industry.

Gas-demand growth will push expansion in Mexican transmission infrastructure
Feb 21 - Oil & Gas Journal Natural gas demand growth in Mexico over the next 10 years is unavoidable and, despite economic uncertainties, will be resilient.

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