Rome, 7° July 2004

Re: Supply of Orimulsion to Enel

Dear Sirs,

We refer to the current critical Orimulsion situation, which is seriously affecting both investments and commitments already made by Enel.

Without prejudice to our rights under the long-term supply agreement with PDVSA-BITOR as indicated in our previous correspondence, we wish to express our serious concern about the news recently published by some Venezuelan newspapers regarding the opportunity that PDVSA would have given to China to buy the existing Orimulsion plant.

if such information is correct, it would seriously affect the possibility of bringing our situation to a positive conclusion. To this effect, please note that should PDVSA be interested in selling the existing plant, we are prepared to consider this option among the various opportunities that could help us to find a positive solution for the Orimulsjon supply to our plants.

We hope that PDVSA will carefully consider the above and, taking into account the present serious situation, will suspend any decision that could compromise the possibilities of an agreement between Enel and PDVSA.

A prompt reply would be highly appreciated.

Sincerely yours,

ENEL TRADE
G.Mancini

Copia de la oferta ENEL-Italia / Soberania.info - 07/07/04

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