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ENRON RESPONDS TO ENGLISH COMMERCIAL COURT RULING AND EARLIER PRESS ACCOUNTS
FOR IMMEDIATE RELEASE: Thursday, May 9, 1996
HOUSTON -- Enron Corp. announced today that a ruling issued by the English Commercial Court on May 8 pertains to a narrow issue related to one clause in its contract with the J-Block parties.
The court's decision relates solely to whether Enron is required to agree to a contract start date earlier than October 1, 1996. While the court ruled that Enron cannot defer the commencement date for economic reasons, it also ruled that Enron does not have to agree on an earlier start date if there are technical or operational reasons for not doing so. At a hearing to be scheduled by the court, Enron will present its evidence relating to the operational and technical reasons entitling the company to refuse to agree to a start date earlier than October 1, 1996.
Enron Corp., one of the world's leading integrated natural gas companies with approximately $13 billion in assets, operates one of the largest natural gas transmission systems 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 60 percent of Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 52 percent of Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and a natural gas pipeline in emerging markets; 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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