Subject: Total International v24545
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Tue, 10 Apr 2001 06:56:00 -0700 (PDT)

From a credit standpoint, potential risk of this 25,000 bbls/mo, May'01, 
financial swap is very small.  But I recognize ECP issues since no support 
and no information has ever been available.  Can we include a representation 
that, upon execution, would establish eligibility.  I will manage credit 
under volume/tenor limits and implied support of a AA parent.  If acceptable, 
please send language to Confirmations for use in this (v24545) and all future 
trades.

thanks
brant

 -----Original Message-----
From:  Shackleton, Sara  
Sent: Tuesday, April 10, 2001 10:51 AM
To: Reves, Brant
Subject: Re: ECTRI financial requirements

Yes, "eligible contract participant"  ("ECP") is an issue.  Both ENA and 
ECTRI are Delaware corporations and are therefore subject to the jurisdiction 
of the Commodity Futures Trading Commission (the U.S. regulatory agency with 
oversight for derivatives).  As a practical matter, I understand that ECTRI 
does have many executed ISDA agreements.  I do not know the volume of 
"omnibus" trades.  However, the ECTRI omnibus should have ECP representations 
in the annex.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
[email-masked]

	Brant Reves/ENRON@enronXgate 04/10/2001 10:29 AM 	   To: Sara 
Shackleton/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron  cc:   Subject: ECTRI 
financial requirements

A financial trade v24545 was done with Total International Limited.  This 
entity is subsidiary of a very good credit customer, TotalElf (S&P rated 
AA-).  Risk is acceptable, small volumes, short tenor, but from a legal 
standpoint, I do not think this entity is an "Eligible Contract Party" as we 
have no guaranty support or financial statements to support trading.  I 
noticed that quite a bit of financial trades are currently booked in London 
with this customer.  Does Enron Capital & Trade Resources International Corp. 
(London financial) have the same ECP requirements as ENA.  If so, I would 
like to know how they have established eligibility.

thanks
brant