<a href=www.vheadline.com>Venezuela's Electronic News Posted: Friday, May 09, 2003 By: Patrick J. O'Donoghue

In an unprecedented move, Cuban Ambassador German Sanchez Otero has sent a letter to Venezuelan Generals to explain what is happening in Cuba. 

The Ambassador pursues the line that Cuba has been under US economic and trade blockade for 44 years and complains against an international smear campaign against his country's government for complying with laws defending national interests and against terrorism. 

• He warns that the latest USA attack on Cuba if successful would have dire effects on the rest of Latin America. 

Hitting out at critics, Sanchez Otero asks why don't the people complaining about the Cuban death penalty for terrorist acts condemn the death penalty in the United States of America (USA)  as applicable to teenagers and mentally ill persons.  "The only place in the world that supported the US genocide against Iraq was in Miami where the slogan was: Iraq first, then Cuba!"

<a href=>Venezuela's Electronic News Posted: Friday, May 09, 2003 By: Patrick J. O'Donoghue

Maracaibo has been host to Colombian international pop star, Shakira kick-starting her Venezuelan Mongoose Tour. After the concert in Venezuela's second biggest city, Shakira is due to appear in the Caracas Poliedro (May 9). 

Shakira has just concluded a successful tour of Argentina but did run into a few problems with news reporters because of her boyfriend, Antonio de la Rua,  said to be very unpopular there ... he happens to be the son of disgraced Argentinean President Fernando de la Rua. 

Venezuelan media sources have highlighted the diva's personal life-style ... her current entourage consists of 70 persons and personal security is top of her tour agenda. 

The artist will travel in an armored limo complete with fax machine, phones and internet connections. 

On a frivolous note, the media is feasting on the revelation that Shakira has asked for a basket of fruit in her dressing room on each concert day.

Caracas, May 9 (<a href=quote.bloomberg.com>Bloomberg) -- The U.S., Brazil and Spain ended meetings between Venezuela's government and opposition without reaching agreement to hold a referendum on President Hugo Chavez's rule.

Representatives of the Group of Friends, as the negotiators from six countries that also include Portugal, Mexico and Chile are known, ended two days of talks with each side.

``The group urges the two sides to make maximum and urgent efforts to overcome their differences,'' Brazilian diplomat Gilberto Saboia read from a statement.

The group is counting on a referendum to end more than a year of political strife in Venezuela, South America's largest oil producer. Chavez, who was deposed in April 2002 for two days in a failed coup attempt, has faced repeated demands that he step down or submit to a referendum.

The two sides reached a tentative agreement brokered by the Organization of American States to hold a referendum. Chavez later rejected the pact.

Polls show that Chavez would lose by a large majority if a referendum were held. Under Venezuela's constitution, a referendum can be held any time after Aug. 19, when Chavez passes the mid- point of his six-year term in office.

Last Updated: May 9, 2003 13:26 EDT

Reuters, 05.09.03, 12:10 PM ET

CALGARY, Alberta, May 9 (Reuters) - Enbridge Inc. <ENB.TO> has applied to an international tribunal to help wrest a financial settlement from Venezuela's state oil company, which the Canadian pipeline firm says barred it from resuming a contract to run a major oil terminal, Enbridge said on Friday.

Enbridge has a 45 percent stake in the entity that ran the eastern export terminal at Jose, one of Venezuela's biggest, but has not been able to return since the 63-day general strike against President Hugo Chavez began late last year.

Since then, the facility has been operated by replacement workers enlisted by national oil company Petroleos de Venezuela SA, which has had new pro-Chavez managers installed.

"We've applied for arbitration with the International Chamber of Commerce," Enbridge spokesman Jim Rennie said. "They will put a panel together and it will be an arbitration hearing."

This week, Enbridge Chief Executive Pat Daniel said the contract included terms for settlement if his firm is not able to return to operate the facility, which has generated earnings of C$3 million ($2.1 million) annually for Enbridge over the past three years.

But Rennie said PDVSA has not responded to requests to discuss the matter.

"We haven't really received any kind of official word from the new PDVSA management," he said.

PDVSA officials in Caracas were not immediately available for comment.

Earlier this year, Chavez -- his OPEC country's crucial oil exports crippled by the strike -- accused Enbridge of abandoning and sabotaging the Jose facility, which the company has denied.

Rennie said he did not know how long the arbitration might take. "I'm told it's not a fast-moving process," he said.

($1=$1.40 Canadian)

BW5268 MAY 09,2003 9:08 PACIFIC 12:08 EASTERN     Business Editors

    PARIS--(<a href=www.businesswire.com>BUSINESS WIRE)--May 9, 2003--Standard & Poor's Ratings Services said today it assigned its 'AAA' preliminary credit rating to the term certificates series 2003-1 to be issued by Vitol Master Trust.

    The certificates are backed by trade receivables originated by the Vitol group, one of the world's largest oil distibutors. The products include crude oil, fuel oil, gasoline, distillates (jet fuel and gas oil), LPG (liquefied petroleum gas), and naphtha. The receivables are generated by three entities: Vitol S.A. in Geneva and its branch in Houston, Vitol Energy S.A., Geneva, and Vitol Asia Pte Ltd., Singapore.

    The receivables pool has exhibited strong and stable collections performance. From January 1997, the annual net write-offs as a percentage of annual gross sales revenue have not exceeded 0.03%.

    "This strong performance reflects the nature of many of the obligors (state oil companies) and the importance of the underlying product," said Nicolas Malaterre, an associate director in Standard & Poor's European Structured Finance Ratings group in Paris.

    The Vitol group's major customers are multinational oil companies including Exxon Mobil Corp., Shell Oil Co., and British Petroleum Co. PLC, as well as national oil companies such as Indian Oil Corp., Petroleos de Venezuela S.A. (PDVSA), and Petroleos Mexicanos (PEMEX).

    The rating on the certificates reflects the credit quality of the underlying receivables and the minimum credit support, which dynamically adjusts on a monthly basis to provide coverage for a stressed level of historical portfolio losses and dilutions, as well as for note interest, servicing fees, trustee fees, and other expenses.

    The assets are also subject to strong eligibility criteria, a sound cash flow structure, and certain mechanisms that are in place to protect investors and ensure timely payment of interest and ultimate repayment of principal. Early amortization events include tests on the receivables' performance.

    Vitol Master Trust may after closing, and subject to Standard & Poor's rating confirmation, include additional originators of receivables and further series of notes may also be issued.

    The full presale report for this transaction was published today on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale report can also be found on Standard & Poor's Web site at www.standardandpoors.com. Click on Fixed Income; then, in the left navigation bar under Browse by Sector, select Structured Finance; scroll down to Presale Credit Reports to locate the article. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; or Stockholm (46) 8-440-5916. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 orvia media_europe@standardandpoors.com.

    ANALYST E-MAIL ADDRESSES     nicolas_malaterre@standardandpoors.com     StructuredFinanceEurope@standardandpoors.com

--30--MRO/se*

CONTACT: Standard & Poor's
         Nicolas Malaterre, Paris (33) 1-4420-7324

KEYWORD: NEW YORK FRANCE INTERNATIONAL EUROPE
INDUSTRY KEYWORD: BANKING BOND/STOCK RATINGS
SOURCE: Standard & Poor's