Document:

EX-10.12

Joint Study Agreement (JSA)
No. 577 / D00000 / 2001-S1

Between

Perusahaan Pertambangan Minyak Dan Gas Bumi Negara (Pertamina)

And

Rentech Inc.

For

Feasibility Study of Gas to Liquids Technology Project

JOINT STUDY AGREEMENT (JSA)

This Joint  Study  Agreement  ("JSA") is made and  entered  into this 2nd day of
October, year two thousand and one, by and between:

1. PERUSAHAAN  PERTAMBANGAN MINYAK DAN GAS BUMI NEGARA (PERTAMINA),  a State Oil
and Gas  Enterprise  established  by  virtue of and  existing  under the Law No.
8/1971 of the Republic of Indonesia,  having its domicile at Jalan Medan Merdeka
Timur 1A,  Jakarta Pusat 10110,  Indonesia,  in this matter  represented  by Iin
Arifin  Takhyan in his capacity as  Corporate  Senior Vice  President  Upstream,
hereinafter in this Joint Study Agreement called PERTAMINA.

and

2.  RENTECH  Inc.,  a  corporation  established  under  the Laws of the State of
Colorado,  USA, and having its principal  office at 1331 17th Street,  Suite 720
Denver,  CO 80202,  USA in this matter  represented by Dennis L. Yakobson in his
capacity as President, hereinafter in this Joint Study Agreement called RENTECH.

Both are,  individually  hereinafter  referred to as PARTY and  collectively  as
PARTIES.

WITNESSETH

Whereas,  PERTAMINA as the State  Enterprise  has the rights to mine for mineral
oil and  natural  gas in  Indonesia  which  include  exploration,  exploitation,
processing,  transportation  and  marketing  of oil and natural gas  products in
Indonesia, and

Whereas,  in an effort  to  increase  the  revenue  obtained  from  natural  gas
utilization,  PERTAMINA  recognizes  the  abundance of natural gas  resources in
Indonesia   which  are  potentially   possible  to  be  developed   through  the
implementation of Gas to Liquids (GTL) technology, and

<PAGE>

Whereas,  RENTECH,  is a company  recognized for its  experience,  ability,  and
expertise in the development  and application of GTL proprietary  technology and
existing  patents,  and able to issue a license for the use of this  technology,
and

Whereas,  PERTAMINA and Rentech  recognize the  capability of the other PARTY in
the possibilities of the development of business in Indonesia with regard to the
implementation of GTL technology, and

Whereas,  PERTAMINA and RENTECH have entered into a Memorandum of  Understanding
to perform a cooperation to explore the possibilities of the development of this
business, and

Whereas,  to realize the  intended  cooperation  PERTAMINA  and RENTECH  wish to
conduct  the  Feasibility  Studies  and  prepare  an  Implementation  Plan (both
hereinafter referred to as the Joint Study).

Now therefore,  in consideration of the mutual premises  contained  herein,  the
PARTIES agree as follows:

ARTICLE 1
AREA OF INTEREST

1.1 "Area Of Interest"  shall mean the areas covering  PERTAMINA's  working area
that  have  gas  fields  or other  natural  gas  sources,  which  are  currently
unutilized such as flared, reinjected, or not being supplied to consumer.

1.2 Initially,  the PARTIES agree to study the  possibilities of the development
and  implementation  of GTL technology on the natural gas produced from Matindok
field, in Central Sulawesi, hereinafter referred to the Pilot Project.

1.3 At any time, based on PERTAMINA's  consideration,  PERTAMINA hold the rights
to exclude any of PERTAMINA's  working areas from those of the Area of Interest,
in such case the  PARTIES  should  not carry  out  Joint  Study on such  exclude
working area(s).

ARTICLE 2
SCOPE OF JOINT STUDY

2.1 The Joint Study to be carried out in the Area of Interest is limited  within
the scope of the Feasibility Studies and the preparation of Implementation Plan.

2.2 The  Feasibility  Study  outlined to and consist of, but not limited to, the
following:

(i) Background and Project Configuration,
(ii) Survey(s) on Supply and Demand profiles of GTL Product(s),
(iii) Technical Surveys For The Construction of The GTL Processing Facilities,
(iv) Financial Evaluation, and
(v) Conclusion and Recommendations.

Scope  of work in  detail  for the  Feasibility  Study  is  attached  hereto  in
Attachment-1 of this Joint Study Agreement.

The PARTIES agree that the Feasibility Study should belong to PERTAMINA.

2.3 If the Project Team as stated in Article-5  considers  that the  Feasibility
Study of the Pilot Project is not  feasible,  the Project Team may request a new
case study and such  request  should be  presented  to each  management  of both

<PAGE>

PARTIES  who may  approve  and  assign  the  proposed  case study as a new Pilot
Project.  The Project Team shall then prepare the new Feasibility Study based on
the new Pilot Project, in the same scope of work as stated in Clause-2.2.

2.4 If the management of PARTIES  consider the results of the Feasibility  Study
to be worthwhile, it shall be followed by the preparation of a detailed plan for
the realization of the implementation of the GTL technology on the Pilot Project
in the  form of an  Implementation  Plan  which  will  include,  but will not be
limited to, the following:

(i) The proposed product,
(ii) Possible sites and locations,
(iii) Economic considerations,
(iv) Finance and investment opportunities,
(v) Project optimization methods,
(vi) Joint venture  configurations for managing the GTL processing and marketing
companies,
(vii) GTL marketing  arrangements  taking into account the identified  sites and
locations.

2.5 If the management of PARTIES considers that the result of the Joint Study is
worthwhile  and approved by the  respective  boards of directors of the PARTIES,
then it shall be submitted for approval to respective board of commissioners.

2.6 If the  Implementation  Plan is approved by the boards of  commissioners  of
both PARTIES  pursuant to clause-2.5,  the PARTIES shall present their intention
and  prepare  themselves  to  enter  into a  definitive  and  mutually  accepted
agreement, that will govern and construe the Implementation Plan in detail.

ARTICLE 3
DURATION

3.1 This Joint Study  Agreement  shall be  effective as of the date as stated in
the beginning of this Joint Study Agreement (Effective Date) and shall remain in
force for twelve (12) months  thereafter.  The initial term for  conducting  the
Feasibility Study shall be five (5) months thereafter.

3.2 Upon suggestion of Project Team, the PARTIES may mutually agree, in writing,
to extend the term of this Joint Study Agreement to an appropriate period.

ARTICLE 4
OBLIGATION OF THE PARTIES

4.1 Obligations of RENTECH

4.1.1  Rentech  shall not use the data  provided by PERTAMINA  for purpose other
than those related to this Joint Study Agreement,  and will protect and keep the
data confidential in accordance with Article-7.

4.1.2. RENTECH shall deliver to PERTAMINA all of the original and/or copy of the
data provided by PERTAMINA not later than 1 (one) month after
  the Joint Study has been completed.

4.1.3 After the completion of the Joint Study, RENTECH will provide to PERTAMINA
3 (three) copies of all reports.

<PAGE>

4.2 Obligations of PERTAMINA

4.2.1  PERTAMINA shall allow RENTECH to use data related to the Joint Study held
by  PERTAMINA.  Data  released by PERTAMINA for this Joint Study is on borrowing
basis.

4.2.2 PERTAMINA has  responsibility to prepare all the required data with regard
to the Joint Study.

4.2.3  PERTAMINA  will  give  appropriate  assistance  in  connection  with  the
information  of local costs and  regulations  and obtain  Government  permits to
materialized this Joint Study.

4.3 The PARTIES  shall  commence all  activities as stipulated in clause 2.2 not
later than 1 (one) month after the Effective Date.

ARTICLE 5
THE PROJECT TEAM

5.1 The Project Team will be led by representative of RENTECH,  accompanied by a
vice leader from PERTAMINA, Upstream Directorate.

5.2 The number and responsibility of the team member will be determined later by
the leader and vice leader of the Project Team.

5.3 The scope of works to be performed by members of the Project Team  nominated
by each PARTY shall be mutually agreed by both PARTIES.

5.4  Each  PARTY  shall  bear  any and all  claims,  damages,  responsibilities,
liabilities,  costs and  expenses  arising from the  performing  of the scope of
works by its respective  employee(s) as member(s) of the Project Team. The costs
and expenses are such as:  salary,  allowance,  insurance,  tax,  board-lodging,
travel expenses and other costs related to the foregoing.

5.5 The  membership of the Project Team may be recognized if it is determined by
the PARTIES to be incapable of performing the tasks and duties as stated in this
Joint Study Agreement.

5.6 During the preparation of the Feasibility Study and the Implementation Plan,
the Project  Team may visit  allocated  gas field(s) of the Area of Interest for
data collection.

ARTICLE 6
ALLOCATION OF COSTS

6.1  PERTAMINA  and RENTECH  shall bear its own costs and  expenses  incurred in
connection with the preparation of feasibility studies. It will consist of costs
and expenses such as: salary,  insurance,  tax, board & lodging, travel expense,
and other costs related to the foregoing.

6.2 If PERTAMINA or RENTECH  requires  assistance from a third party,  the costs
and expenses incurred by the third party involvement will be the  responsibility
of the proposing PARTY.

6.3 If the Execution Plan is approved to be  implemented,  the PARTIES agree not
to capitalize  the expenses  incurred  pursuant to the  provisions of this Joint
Study Agreement.

<PAGE>

6.4 Such costs and  expenditures  shall not be capitalized and recovered by both
PARTIES as operating  costs under GTL  processing  project  cooperation  between
PERTAMINA and RENTECH or any companies  affiliated with RENTECH,  nor shall such
costs and expenditures be deductible for tax purposes under said project.

ARTICLE 7
CONFIDENTIALITY AND EXCLUSIVE UNDERSTANDING

7.1 Each  PARTY  shall  treat as  confidential  and  ensure  that its  officers,
directors, employees, affiliates, advisors, lenders, counsel and representatives
keep in strict  confidentiality,  the data or  information  jointly  gathered in
connection with,  utilized in, and/or resulted from the preparation of the Joint
Study (hereinafter referred to the "CONFIDENTIAL INFORMATION").

7.2 Each PARTY shall treat as confidential the trade of professional  secrets or
confidential operations,  processes, dealings, technical information,  knowledge
and information concerning the organization, business affairs or finances of the
other PARTY.

7.3  With  regard  to  Article-2,  each  PARTY  agree  that it will  not use the
Confidential  Information  for  its  own  benefit,  disclosed  or  permit  to be
disclosed to any person, firm, company or body, without written consent from the
other  PARTY,  except for that which is already  legitimately  has  entered  the
public  domain  other than by the  default of either  PARTY or is required to be
disclosed by law or court order.

7.4 This Article shall become effective from the Effective Date as stated in the
beginning  of this  Joint  Study  Agreement  and  shall be in force for a period
ending one (1) year after the termination of this Joint Study Agreement.

ARTICLE 8
RELATIONSHIPS BETWEEN THE PARTIES

8.1 The PARTIES shall  cooperate with each other and use all reasonable  efforts
to fulfill its obligation in this Joint Study Agreement.

8.2 Each PARTY has thoroughly  evaluated and  understands all of the obligations
and consequences of entering into this Joint Study  Agreement,  and will provide
all information and knowledge they have to execute this Joint Study Agreement.

8.3  Representatives  of RENTECH and  PERTAMINA who are in charge in the Project
Team will hold open  discussion for the development and preparation of the Joint
Study.

8.4 Nothing in this Joint Study Agreement or in relationship between the PARTIES
shall be construed as in any sense  creating a partnership  between the PARTIES,
or giving to any PARTY any of the rights of, or  subjecting  any PARTY to any of
the liabilities of a partner.

8.5  Except  for  actual  damages,   no  PARTY  shall  be  liable  or  have  any
responsibility  to the other  PARTY for any  indirect,  special,  consequential,
punitive or other delay related or performance related damages.

<PAGE>

ARTICLE 9
ASSIGNMENT

Neither  PARTY  hereto  shall have the right to assign  its right or  obligation
under this Joint Study  Agreement to any third party  without the prior  written
consent of the other PARTY, which consent shall not be unreasonably  withheld or
delayed.

ARTICLE 10
GOVERNING LAW AND SETTLEMENT OF DISPUTES

10.1  This  Joint  Study  Agreement  shall be  governed  by,  and  construed  in
accordance with, the laws of the Republic of Indonesia.

10.2 Amicable settlement: All disputes arising out of or in connection with this
Joint  Study  Agreement  or its  performance,  including  the  validity,  scope,
meaning, construction, interpretation or application hereof, shall to the extent
possible be settled amicably by negotiation and discussion between PARTIES.

10.3  Arbitration:  Any disputes not settled by amicable  Joint Study  Agreement
shall be finally  settled by  arbitration  under the rules of Arbitration of the
Indonesian National Arbitration Board (Badan Arbitrase Nasional Indonesia-BANI),
such arbitration to be conducted in Indonesian  Language in Jakarta,  Indonesia.
The arbitration award shall be final and binding.

ARTICLE 11
FORCE MAJEURE

11.1 If any PARTY is unable,  wholly or in part,  by reason of Force  Majeure to
perform or comply with any  obligation  under this Joint Study  Agreement,  then
such  PARTY's  obligation  that  is  affected  shall  be  suspended  during  the
continuance of the event of Force Majeure.

11.2  Force  Majeure  shall  include,  but not  limited:  A change  in the laws,
regulations  or  instructions  issued  by  the  Government  of the  Republic  of
Indonesia,   fire,  explosion,   earthquake,   hurricane,  heavy  rains,  flood,
insurrection,  riots, war, blockade,  labor conflict,  strike or epidemics which
have direct effect on this Joint Study Agreement.

11.3 Any PARTY that is affected by an event of Force  Majeure  shall  notify the
other PARTY in writing  within seven (7) days of occurrence of the Force Majeure
event, and the receiving PARTY shall respond its  acknowledgment  not later than
seven (7) days after receiving such notice.

ARTICLE 12
TERMINATION

This Joint Study Agreement may be terminated  before it is expired in accordance
to Article-3 above, in the event:

12.1 If  after  one (1)  month  from  the  Effective  Date of this  Joint  Study
Agreement,  Project Team has not commenced the Feasibility Study as specified in
Article-2  above  without   justifiable   reasons.   Therefore  each  PARTY  may
independently  consider  terminating  this Joint  Study  Agreement.  In order to
terminate this Joint Study Agreement, the proposing PARTY shall notify the other
PARTY, in writing, thirty (30) days prior the proposed date of termination.

12.2 If both PARTIES consider the result of the Joint Study is not worthwhile or
not  approved  by  the   respective   boards  of  directors   and/or  boards  of
commissioners  of the PARTIES then RENTECH or PERTAMINA may terminate this Joint

<PAGE>

Study Agreement by giving  notification  to the other PARTY, in writing,  thirty
(30) days prior the proposed date of termination.

12.3 Based on its  considerations,  each PARTY may  terminate  this Joint  Study
Agreement,  by giving  notification to the other PARTY, in writing,  thirty (30)
days prior the proposed date of termination.

12.4 In any of the  above  events,  each of the  PARTIES  will  have no  further
obligations to the other PARTY, except those stated pursuant to Article-7.

ARTICLE 13
AMENDMENTS

No amendments,  changes, or modifications to this Joint Study Agreement shall be
valid except if the same is in writing and signed by the PARTIES hereto.

ARTICLE 14
LANGUAGE INTERPRETATION

This Joint Study Agreement is made in two (2) languages, Indonesian and English.
In case of different interpretation, the Indonesian version shall prevails.

ARTICLE 15
NOTICES

All notices or other communications  between the PARTIES given under in relation
to this Joint Study Agreement  shall be delivered  physically or by facsimile or
by e-mail to the respective PARTIES at the following addresses:

PERTAMINA:
Gas Development and Utilization Division
PERTAMINA Kwarnas Building 9th Floor
Jalan Medan Merdeka Timur 6
Jakarta 10110 Indonesia

RENTECH:
RENTECH Inc.
Attn. President,
1331 17th Street, Suite 720
Denver, CO 80202, USA

The  foregoing  addresses may be changed by giving  written  notice to the other
party at addresses provided above.

In witness whereof,  this Joint Study Agreement is made in duplicate which shall
have equal legal force and upon the signature of the  respective  representative
of PERTAMINA and RENTECH on each copy, and

The PARTIES  have caused this Joint Study  Agreement  to be executed on the date
written earlier in this Joint Study Agreement.

<PAGE>

RENTECH, INC.                 PERUSAHAAN PERTAMBANGAN MINYAK
                              DAN GAS BUMI NEGARA (PERTAMINA)

 /s/ Dennis L. Yakobson        /s/ Iin Arifin Takhyan
-----------------------       -------------------------------
Dennis L. Yakobson            Iin Arifin Takhyan
President                     Corporate Senior Vice President
                              Upstream

ATTACHMENT 1

GTL DATA GATHERING
PERTAMINA Provided Information

* PERTAMINA data on expected gas reserve size, deliverability, existing pipeline
feed and other physical characteristics.

*  Information  on any  nearby  power  plant  and/or  PERTAMINA  refinery  size,
capability, ability to expand. This information will assist in the selection and
recommendation  of the Syngas  generation  unit type,  size and  operation  (the
critical and most costly single process step in a GTL facility).

  -    Other information requirements:
  -    Site location and size
  -    Site map and description
  -    Soil description (seismic and any other geological special
       consideration)
  -    Expected Gas Quantity
  -    Gas Quality, Composition
  -    Gas Pressure
  -    Gas Cost
  -    Any initial or Desired Products or Product Mix
  -    Basic Permitting Requirements*
  -    Special Regulations and/or requirements*
  -    Local Labor availability with rates and Productivity Factors*

GTL PRODUCT MARKET SURVEY
PERTAMINA Provided Information

Pertamina  data on  expected  product  supply,  demand  and  price for the below
products for either export or domestic market.

  Product Data Requirements:
  -    Naphtha
  Supply and Demand, Price
  -    Kerosene
  Supply and Demand, Price, Recommended Capacity
  -    Diesel
  Supply and Demand, Price, Jet Fuel/Kerosene Quality
  -    Drilling Fluids
  Supply and Demand, Price, Product Properties
  -    Normal Paraffin?s
  Supply and Demand, Price, Recommended Capacity, Product Properties
  -    Waxes
  Supply and Demand, Price, Recommended Capacity, Product Properties
  -    Synthetic Lubricants
  Supply and Demand, Price, Recommended Capacity, Product Properties
  -    Synthetic Crude
  Target Market, Price, Product Properties
  -    Oxygenates
       Supply and Demand, Price, Recommended Capacity
<PAGE>

RENTECH GTL PROVIDED STUDY FOR A SPECIFIC PERTAMINA LOCATION

* The Rentech-provided GTL feasibility study will provide a plot plan, a (block)
process flow diagram and cost estimate, including operating and maintenance cost
estimates for a conventional  GTL facility.  Preliminary  description of utility
systems as applicable, (cooling water, condensate [if any], fuel gas, hot oil or
other heating medium, inert gas, etc.) will be included.

* Discussion  of the  environmental  considerations  with  estimates for the air
emissions, water effluents and solids disposal requirements.

* Rentech  will  provide a  discussion  on products  and  potential  product mix
considerations as well as typical product specifications and value.

* An  economic  model will be  prepared  based on the  project  feasibility  and
PERTAMINA  estimates for the feedstock  value and any preferred  product mix and
values.

Deliverables for the GTL Feasibility Study report will be:

         1.       Basis of Design
         2.       Rentech Process Discussion
         3.       Plot Plan (are outline and sizes for unit operations)
         4.       Process Flow Diagrams (block flow diagrams)
         5.       Major Equipment List (preliminary)
         6.       Cost Estimate
         7.       Utilities Estimate
         8.       Operations and Maintenance staffing recommendations
         9.       Product Qualities
         10.      Product Mix, available with the Rentech FT Process
         11.      GTL Product PERTAMINA Market Data, Pricing and Projections
         12.      Typical Project Schedule
         13.      Economic ModelEX 10.13

                                  RENTECH, INC.
                           1331 17th Street, Suite 720
                             Denver, Colorado 80202

September 29, 1999

Per Hedemalm
Managing Director
Oroboros AB
Stora Badhusgatan 18-20
SE-411 21 Goteborg
Sweden

Dear Per:

         The  purpose of this  letter is to confirm  the  interest of Rentech to
negotiate  a  license   agreement   with   Oroboros  AB  for  use  of  Rentech?s
Fischer-Tropsch Technology for the conversion of steel works off-gases to liquid
hydroarbons  on a commercial  scale in Oxeto Sund,  on the east coast of Sweden.
The economic  terms of the license have  previously  been outlined in writing by
Rentech,  Inc. and reviewed by Oroboros.  The detailed  license  agreement  will
follow this basic outline.

         We look forward to executing a license  agreement  with Oroboros AB for
this first project in the near future.

         Should you have any questions, please call me.

                   Yours very truly,

                   RENTECH, INC.

                   by:  /s/ Dennis L. Yakobson
                   -------------------------------------
                   Dennis L. Yakobson
                   President and Chief Operating Officer

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