Exhibit
10.14

    English
Summary of

    LEASE
AGREEMENT

     

    Lessor
(Party A): Ningbo Huaye Steel Processing Co., Ltd.

    Lessee
(Party B): Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd.

    


    In
accordance with the applicable regulation, the parties reach the following
agreements:

    


    
      	
               
      

            	
              1.

            	
              Description
      of Facility: the facility is located at No. 1 South Tong Yuan Road, Ningbo
      Camel Machinery & Electronics Industrial
  Park.

            


    

    


    
      	
               
      

            	
              2.

            	
              Term:

            


    

    
      
        	
              	
                a. 

              	
                the
      term of this lease agreement is 10 years, from September 1, 2004 to August
      31, 2013

              


      

    

    
      
        	
              	
                b. 

              	
                upon
      the expiration of this lease agreement, Party A has rights to take back
      the facility. If Party B desires to renew the lease agreement, Party B
      shall provide a written notice at least three months prior to the
      expiration of the lease agreement. Upon approval by Party A, the parties
      will enter into a new lease agreement based on the terms of this lease
      agreement.

              


      

    

    


    
      	
               
      

            	
              3.

            	
              Rent
      and Payment Method:

            


    

    
      
        	
              	
                a. 

              	
                the
      rent is RMB 80,000 per month and RMB 960,000 per
  year.

              


      

    

    
      
        	
              	
                b. 

              	
                upon
      the execution of this lease agreement, Party B shall make a deposit equals
      to one month’s rent. Party B shall make a prepayment of three-month’s
      rent.

              


      

    

    


    
      	
               
      

            	
              4.

            	
              Maintenance
      of the Facility: during the term of this lease agreement, if Party B
      discovers any damage or problems with the facility or its ancillary
      equipment, Party B shall notify Party A; Party A shall make the necessary
      repair within 3 days after receipt of such notice; If Party A fails to
      provide timely repair, Party B can make the repair and the related costs
      shall be borne by Party A; During the term of this lease agreement, Party
      B shall take reasonable care of the facility and its ancillary equipments.
      Any damage to the facility caused by Party B’s unreasonable use shall be
      repaired by Party B.

            


    

    


    
      	
               
      

            	
              5.

            	
              Sublease
      and Return of the Facility: Party B shall not sublease the facility to any
      third party without prior written consent of Party A. If Party B subleases
      the facility without Party A’s prior approval, Party A has no obligation
      to return the deposit or rent. The facility shall be at workable condition
      when Party B returns the facility to Party
A.

            


    

    


    
      	
               
      

            	
              6.

            	
              Other
      Agreements: during the term of this lease agreement, the parties shall
      comply with the applicable laws and regulations; Party A shall have right
      to urge and assist Party B in fire, safety and health related matter;
      Party B can decorate the facility at its own expenses, provided that such
      decoration does not affect the structure of the facility; If Party B fails
      to make its rent payment for one month, Party A has right to a liquidated
      damage of 5% of the due and unpaid rent and has right to terminate this
      lease agreement; upon the expiration of this lease agreement, Party B has
      right of first refusal.

            


    

    


    
      	
               
      

            	
              7.

            	
              Miscellaneous:
      during the term of  this lease agreement, if Party A terminates
      the lease agreement in breach of this lease agreement, it shall pay Party
      B a liquidated damage equals to 3-month’s rent; if Party B terminates the
      lease in breach of this lease agreement, Party B shall pay Party A a
      liquidated damage equals to 3-month’s rent. This lease agreement becomes
      effective upon execution by both
parties.

            


    

    


    
      
        	
                Party
      A: Ningbo Huaye Steel Processing Co., Ltd.

              	
                Party
      B: Ningbo Zhehua Heavy Steel Pipe

                Manufacturing
      Co., Ltd.

              
	 	 
	
                (Seal)

              	
                (Seal)

              


      

    

    


    Date:
August 6, 2004.