Unassociated Document


    
      Exhibit
10.17

       

      
        CONTRACT
No.: XY-11-090804-01

         

        PetroChina
Dalian Petrochemical Company and

         

        Dalian
Xingyuan Marine Fuel Co., Ltd.

        


        Sales
Contract of Furfural Extract Oil

         

        Place
of Signing: No. 1 Shanzhong Street, Ganjingzi District,
Dalian

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Party
A (Buyer): Dalian Xingyuan Marine Fuel Co., Ltd.

      Residence:
Li Jaicun of Dalianwan

      Business
registration No.: 2102001105614

      Legal
representative: An Fengbin

      


      Party
B (Seller): PetroChina Dalian Petrochemical Company

      Residence:
No. 1 Shanzhong Street, Ganjingzi District, Dalian

      Business
registration No.: 2102001200986

      Legal
representative (principal): Jiang Fan

      


      According
to the Contract Law of the
People's Republic of China and relevant laws and regulations, Party A and
Party B has made an agreement to sign the principle of equality, mutual benefit
and making compensation for equal value.

      


      
        	
                1.

              	
                Name
      of subject matter (hereinafter referred to as “oil product”): Furfural
      extract oil

              
	 	 


      

      
        	
                2.

              	
                Quality
      standard: QJ/DSH751.34-2009

              
	 	 


      

      
        	
                3.

              	
                Quantity:
      2000 ton/month (based on actual settlement volume);

              
	 	 


      

      Extract
oil: 3000 ton/month (based on actual delivering amount);

       

      
        	
                4.

              	
                Cost:
      Unit price of sales (including tax): The price basis is according to Sale Price Adjustment Approval
      Form of Self-run Products and the time of picking up the goods is
      on the basis of Note of
      PetroChina Dalian Petrochemical Company.

              
	 	 


      

      
        	
                5.

              	
                Freight
      and miscellaneous charges are undertaken by Party A.

              
	 	 


      

      
        	
                6.

              	
                Payment:
      Deliver the goods after receiving the payment.

              
	 	 


      

      
        	
                7.

              	
                Deliver
      of oil products: Party A provides goods through the pipeline to Party B,
      and Party A is responsible for preparing well the oil tank in advance and
      contact the Measurement and Quality Inspection Center of Party B to make
      daily measurement and examination; the detailed delivery point is the
      flange outside the first valve of receiving tank of Party A, and the risks
      shall be transferred to Party A from Party B after the goods getting
      through the delivery point.

              
	 	 


      

      
        	
                8.

              	
                Measurement
      and standard

              
	 	 


      

      
        	
                8.1

              	
                It
      regards the measurement of Party B as the standard. Party B shall
      implement the measurement at the delivery place with the supervision of
      Party A; the applied measurement instruments shall get the qualified
      inspection of senior measurement technological institute, and in the
      effective period, the measurement personnel shall go on duty with the
      qualification certificate regulated by the state.

              
	 	 


      

      
        	
                8.2

              	
                Party
      A shall guarantee that the oil discharge equipment of the discharge unit
      and bulk plant (store oil products) have legal qualification to discharge
      and store the oil products, and comply with the national standard of
      discharging, safety for storing the oil products equipment, quantity and
      quality.

              
	 	 


      

      
        	
                9.

              	
                Acceptance

              
	 	 


      

      
        	
                9.1

              
	 


      

      
        	
                9.2

              	
                If
      Party A raises the disputes about the quantity and quality within the
      acceptance period (within three days after receiving the goods), Party A
      has obligation to keep well the oil products. If Party A doesn’t keep well
      the oil products, causing non-compliance of the quantity and quality when
      delivering to Party B, and Party A thus loses the right to claim
      indemnity.

              


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
      

      
        	
                9.3

              	
                If
      Party A raises the disputes about the quantity and quality within the
      acceptance period (within three days after receiving the goods), Party A
      has obligation to keep well the oil products. If Party A doesn’t keep well
      the oil products, causing non-compliance of the quantity and quality when
      delivering to Party B, and Party A thus loses the right to claim
      indemnity.

              
	 	 


      

      
        	
                9.4

              	
                Within
      the acceptance period (within three days after goods arriving), if Party A
      thinks that the quality of the oil products cannot meet the agreed
      standard of the contact, Party A and Party B shall commonly choose the
      authorized inspection organ to examine the mothballed oil samples, and it
      shall regard the result of the inspection organ as the basis to confirm
      the quality of the oil products. If the result complies with the standard
      of contract, Party A shall bear the inspection fees and relevant fees.
      Otherwise, Party B shall bear the fees.

              
	 	 


      

      
        	
                9.5

              	
                Party
      A shall discharge the oil products within five days after qualified
      acceptance. Party A shall bear the fees that exceed the regulated
      date.

              
	 	 


      

      
        	
                10.

              	
                Alternation
      and termination of contract

              
	 	 


      

      
        	
                10.1

              	
                Party
      A and Party B shall negotiate to alter or terminate the contract with the
      written form.

              
	 	 


      

      
        	
                10.2

              	
                It
      can terminate the contract unilaterally with one of the following
      situations:

              
	 	 


      

      
        	
                10.2.1

              	
                The
      contract purpose cannot be realized caused by force
    majeure.

              
	 	 


      

      
        	
                10.2.2

              	
                Party
      A or Party B transfers part or entire rights and obligations to the third
      party without the written permission of the other
party.

              
	 	 


      

      
        	
                10.3

              	
                The
      settlement, clearing up and disputes resolving articles still take effect
      after terminating the contract.

              
	 	 


      

      
        	
                10.4

              	
                The
      party who terminates the contract shall bear the obligations to notify the
      other party.

              
	 	 


      

      
        	
                11.

              	
                Responsibility
      for breach the contract

              
	 	 


      

      
        	
                11.1

              	
                Both
      parties shall negotiate if the oil product delivered by Party B cannot
      comply with the regulations of the contract.

              
	 	 


      

      
        	
                11.2

              	
                If
      there are other breaching situations, the breaching party shall compensate
      the loss to the other party. Both parties shall bear the relevant
      responsibilities respectively if it is caused by their
    faults.

              
	 	 


      

      
        	
                11.3

              	
                Party
      A shall pay 1%’s liquidated damages of the delayed payment for Party B if
      Party A doesn’t pay by the regulated terms.

              
	 	 


      

      
        	
                12.

              	
                Force
      majeure

              
	 	 


      

      
        	
                12.1

              	
                The
      party affected by the force majeure or either party shall not be held
      responsibilities for failure to perform all or any part of the contract
      due to fire, earthquake, typhoon and flood or any other unpredictable,
      inevitable and insurmountable events. However, the party affected by the
      force majeure shall inform the other party within 48 hours after
      occurrence, and provide the effective certification document to the other
      party within three days thereafter.

              
	 	 


      

      
        	
                12.2

              	
                The
      party affected by the force majeure or either party has obligations to
      adopt measures to minimize the loss caused by force
    majeure.

              


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
      

      
        	
                13.

              	
                Disputes
      resolving

              
	 	 


      

      Both
parties shall negotiate to resolve the disputes, and it shall lodge a complaint
to the local People’s Court of Party if it fails to negotiate.

       

      
        	
                14.

              	
                Effect
      and others

              
	 	 


      

      
        	
                14.1

              	
                The
      contract will take effect after signing and sealing or signing and sealing
      by fax.

              
	 	 


      

      
        	
                14.2

              	
                Both
      parties hereto may supplement through negotiation matters not mentioned
      herein.

              
	 	 


      

      
        	
                14.3

              	
                The
      contract is in duplicate with each party holding one (the fax of the
      document is effective).

              
	 	 


      

      
        	
                14.4

              	
                Expiry
      date: From July 31, 2009 to December 31,
2009.

              


      

       

      Party
A (Buyer): Dalian Xingyuan Marine Fuel Co., Ltd.

      


      Legal
representative or authorized representative: (Seal)

       

      Party
B (Seller): PetroChina Dalian Petrochemical Company

       

      Legal
representative or authorized representative: (Seal)