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ENGLISH COURT OF APPEAL REVERSES J-BLOCK RULING; SETS CONTRACT START DATE AT OCTOBER 1
FOR IMMEDIATE RELEASE: Thursday, October 10, 1996
HOUSTON -- Enron Corp. announced today that an English Court of Appeal has ruled in Enron’s favor by reversing a May 9 ruling in favor of the J-Block Sellers.
In the earlier ruling, the London court had ruled that Enron could not refuse to agree an early start date for its J-Block contract unless it had operational and technical reasons for deferring that date. The Court of Appeal’s ruling means that the start date under the contract, assuming the contract is not terminated, would be October 1, 1996. Take-or-pay payments, if any, would not fall due until the fourth quarter of 1997.
Enron is litigating in the London High Court starting October 28, 1996 as to whether the gas sales agreements are terminated due to the CATS parties’ failure to have the required transportation facilities available by the deadline set forth in the Capacity Reservation and Transportation Agreement.
Enron Corp., one of the world’s largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates the largest natural gas transmission system in the Western Hemisphere and the second largest system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns 59 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron Corp. is traded under the ticker symbol, "ENE."
For additional information please contact:
Diane Bazelides
(713) 853-6285
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