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Eastern Hemisphere LNG 2001 Objectives and Activities

Eastern Hemisphere LNG 2001 Objectives and Activities. Global LNG. November 2000. Eastern Hemisphere LNG Team. Origination and Marketing Clay Harris - Dubai New Person - Dubai Zdenek Gerych - Houston V.V. Rao - Singapore Satish Venkataraman - Singapore. Brad Hitch - Trading

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Eastern Hemisphere LNG 2001 Objectives and Activities

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  1. Eastern Hemisphere LNG 2001 Objectives and Activities Global LNG November 2000

  2. Eastern Hemisphere LNG Team Origination and Marketing Clay Harris - Dubai New Person - Dubai Zdenek Gerych - Houston V.V. Rao - Singapore Satish Venkataraman - Singapore Brad Hitch - Trading Eric Groves - Pricing Dan Rogers - Legal Nancy Corbet - Legal Ken Krasny - Tax Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

  3. Existing or in construction Proposed Eastern Hemisphere -- Supply & Markets Europe -- Fallback Market to Asia Korea Core Asian Markets Japan Qatar China Abu Dhabi Oman India (MetGas, DPC) Yemen Brunei Malaysia Arun Bontang Tangguh Australia

  4. Core Strategies • Build Flexible Supply Portfolio • Middle East, Far East and Australian LNG producers • Build broad base of commercial relationships • Build Market Liquidity • Use project affiliates to open markets in India, Japan, Korea, Europe • Introduce Enron’s risk management & financial expertise to LNG • Support strategic asset development • India, Japan and possibly Korea projects (or market access) • Consider JV’s to minimize exposure • Procure low cost LNG transportation • Charter or procure from 3 rd parties Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

  5. 2001 Objective: Building Supply Portfolio • ADGAS • Has 0.3 to 0.5 MMTA of surplus LNG - possible sales to Korea & Europe • Looking to close term or spot deal and transport quantities on HG • Oman LNG • Base capacity sold out but they have up to 0.5 MMTA above nameplate • Looking to close spot deals -- possible sales to Korea & Europe • Northwest Shelf • “Spot” quantities : 4-5 cargoes per year available for 2001 to 2004 • “Wedge” quantities: 0.5 MMTA+ associated with Train 4 • Pertamina • Has excess quantities at Bontang and potentially at Arun • Potential for executing a 0.5 MMTA deal Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

  6. 2001 Objective: Strategic Asset Development • India LNG Projects • Remarket DPC’s excess quantities from Oman & Abu Dhabi • Close MLNG TIGA SPA for MetGas • Assign TIGA optional quantities to Global LNG • Execute Master Supply agreement with MetGas • Backhaul agreement with ADGAS • Discuss swap transaction with TIGA and TEPCO to keep concept alive • Japan Market Access • Advance BHP/Japan Gasco Gas Small Scale LNG terminal • Assist E-Power / Enron Japan on other terminal opportunities • Pursue negotiated access with existing terminal owners - Osaka Gas Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

  7. 2001 Objective: Other Activities • E-commerce with Petronas • LNG transaction & information website • first step in getting to an LNG trading platform • begin feasibility study in Q1 2000 and develop platform by Q4 • establish Bintulu as regional LNG hub • Market Enron’s risk management & financial products • introduce LNG producers to other products that we can offer • could be swaps, hedges, etc. • differentiates Enron as being more than just a buyer of LNG Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

  8. Issues • Need for LNG Ships to build supply portfolio • additional ship in 2001 would have allowed NWS purchase • need at least 2 ships by 2003 and possibly 2 more by 2005 • chartering capacity from others will help (Tokyo Gas, KOGAS) • ex-ship deals will also help but distance to Europe is a problem • Backhaul options to India also a possibility • Asian Merchant strategy linked to India, Japan access • Japan is a large LNG market but access not yet available • India is a potential market but Metgas still a question • Coordinated strategy needed in Japan • Enron is well positioned to break through in both markets • Access to Europe as a fallback market is also key requirement Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

  9. Eastern Hemisphere -- 2005 Profile • LNG is a significant profit center • Volumes exceeding 6 MMTA -- 3 MMTA Projects, 3 MMTA Merchant (excluding DPC) • Annual profits exceeding $25 MM • Enron develops LNG network to deliver merchant services • Control or access to 5-7 ships • Access to 4 terminals in India, Japan and Korea • Enron is leading aggregator in the region - “Brand Name” • Have similar standing to Enron in Europe or North America • Seen as premier supplier of all LNG merchant services • Enron On-Line is used for merchant transactions • Web site is seen as premier facility to arrange sales or purchases • The best source of information for the LNG industry in the region Eastern Hemisphere LNG Activities - Offsite Meeting - Nov 2000

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