March 30, 1993
Mr. Eduardo Maia de Castro Ferraz
Secretary of Finance of the
State of Sao Paulo
Avenida Rangel Pestana, 300, 8 Andar
Sao Paulo, SP 01091-900
Brazil
Mr. Antonio Carlos Bonini de Paiva
President
Companhia Energetica de Sao Paulo -CESP
Av. Ministro Rocha Azevedo, 25 - 16 Andar
Sao Paulo, SP 01410-001
Brazil
Re:
Brazil - Loan No. 3043-BR
Sao Paulo Natural Gas Distribution Project
Shareholder Agreement Amendment
Dear Sirs:
Please refer to the Loan Agreement, dated February 16, 1990, entered into
between the International Bank for Reconstruction and Development (the Bank) and
Companhia de Gas de Sao Paulo - COMGAS, as amended (the Loan Agreement), and the
Shareholder Agreement, also dated February 16, 1990, entered into between the Bank and
the State of Sao Paulo and CESP - Companhia Energetica de Sao Paulo, as amended (the
Shareholder Agreement).
COMGAS has requested the amendment of the Shareholder Agreement, for the purpose
of allowing the postponement of the dates set forth in: (a) Section 2.01 (b) (ii), for
the enactment of financial regulations for the gas sector; and (b) Section 2.04 (v),
for the completion of the study of natural gas utilization in the State of Sao Paulo.
Based on the reasons explained in COMGAS’ letters No. CT-GCB-005/93 and 006/93,
dated February 16, 1993, the Bank has agreed with their request, and hereby proposes
to amend the Shareholder Agreement by deleting the dates set forth in Sections 2.01
(b) (ii) and 2.04 (v) thereof and substituting them by December 31, 1993 and July 31,
1993, respectively.
If you agree with the foregoing, please sign the form of confirmation on the
attached copy of this letter and return it to us.
In view of their interest in this matter, copies of this letter are being sent
to COMGAS, to the representative of the Guarantor and to the Minister of Mines and
Energy.
Sincerely yours,
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT
By /s/ Demetrios Papageorgiou
Acting Director
Country Department I
Latin America and the Caribbean Region
CONFIRMED:
STATE OF SAO PAULO
By /s/ Eduardo Maia de Castro Ferraz
Date:
COMPANHIA ENERGETICA DE SAO PAULO - CESP
By /s/
Authorized Representative
By /s/ Luiz Carlos Cintra
cc:
Mr. Eliseu Resende
Minister of Finance
Mr. Paulino Cicero Vasconcellos
Minister of Mines and Energy
Mr. Adilson Sampaio Mayllart
President of COMGAS
Date: