Document:

EQUITY INTEREST TRANSFER AGREEMENT

Transferor: Wuxi Seamless Oil Pipes Company Limited (hereinafter referred to as
"Party A")

Address: No. 38 Zhujiang Road, New District, Wuxi, P.R.C.

Postal Code: 214028

Legal Representative: Abdul Halim bin Harun

Transferee: Shanghai Hailong Oil Equipment Co., Ltd. (hereinafter referred to as
"Party B")

Address: No.8889, Hutai Road, Baoshan Road, Shanghai

Legal Representative: Jun Zhang

Whereas:

1.    Party A intends to transfer part of its equity in Wuxi Seamless Drill Pipe
      Co., Ltd. (hereinafter referred to as "Drill Pipe Co") and Party B intends
      to accept such equity;

2.    Other shareholders of Drill Pipe Co have approved Party B to transfer its
      equity and have committed not to exercise their preemptive right under
      equal conditions;

3.    The board of directors of Drill Pipe Co met on September 15th, 2006 and
      passed a valid resolution approving the equity transfer and related
      matters between Party A and Party B.

Upon mutual friendly and full negotiation and in accordance with the Contract
Law of the PRC and other relevant laws and regulations, Party A and Party B
hereby reach the following agreement with regard to the transfer of certain
equity in Drill Pipe Co from Party A to Party B:

ARTICLE1 THE RELEVANT PARTIES:

1.    "Drill Pipe Co", a foreign-invested limited liability company established
      on August 30, 2005 with a total investment of USD 7 million and a
      registered capital of USD 3.6 million and the business scope focusing on
      drill pipe technology development; drill pipe manufacturing and fittings;
      sales of self-manufactured products and after-sale service.

2.    "Party A", one of the shareholders of Drill Pipe Co, contributes USD 1.83
      million to Drill Pipe Co's registered capital and thus now holds 51%
      equity of Drill Pipe Co.

3.    "Party B": a limited liability company established on January 14, 2005,
      with the business scope focusing on oil pipe paints, welding wire, welding
      flux, coiled tubing, complete plant equipment of gas stations, heat shrink
      sleeve (strips), drilling equipment and fittings, screw thread
      manufacturing and screw thread protector, pipe anti-corrosion treatment,
      relevant technical service and sales of self-manufacturing products
      (certificates shall be obtained if required).

ARTICLE 2 TRANSFER OF EQUITY

1.    Party A agrees to transfer 51% equity in Drill Pipe Co and Party B agrees
      to accept it (hereinafter referred to as "Target Equity").

2.    Both Parties agree that after this Agreement enters into force Party B
      shall legally hold the Target Equity and shall be entitled to all rights
      and bear all obligations of a shareholder as stipulated in Drill Pipe Co's
      Articles of Associations.

3.    Party A and Party B agree that, provided this agreement has become
      effective by the base date, as provided in Article 3 hereunder, namely
      after August 1, 2006, all rights and interests related to or pertaining to
      the Target Equity shall belong to Party B.

ARTICLE 3 PRICE FOR TRANSFERRED EQUITY

1.    Both parties agree to accept July 31, 2006 as the base date and take the
      balance amount up to the base date, confirmed by a finance report
      recognized by both parties, as the pricing reference.

2.    As of July 31, 2006, the net asset value of Drill Pipe Co, recognized by
      both parties, is RMB 29,629,137.94. Based on this value, both parties
      agree to set the price for transferred Target Equity as RMB 15,547,740
      (equivalent to USD 1.95 million, which is calculated based on the middle
      rate 1:7.9732 between USD and RMB issued by the People's Bank of China on
      July 31, 2006, and is hereinafter referred to as "Equity Transfer Price").

ARTICLE 4 TERM AND METHOD FOR DELIVERY OF TRANSFERRED EQUITY

1.    Payment date for the transferred equity: Party B shall fully pay Party A
      for the transferred equity within three (3) months commencing on the date
      when Drill Pipe Co obtains a new business license.

2.    Party A and Party B shall jointly register the alteration regarding
      transfer of target equity with the Industrial and Commerce Administration.

ARTICLE 5 WARRANTIES

1.    Party A warrants that the Target Equity is free of assignment, pledge,
      seizure or limitation to any other rights or legal dispute, and that it
      has the right to transfer the Target Equity.

2.    Party B warrants that it is a legally organized and existing legal person
      and that it has the right to receive the Target Equity.

3.    Party B warrants that it shall, after becoming a shareholder of Drill Pipe
      Co, strictly follow Drill Pipe Co's Articles of Associations and fulfill
      its duties and obligations as a shareholder.

4.    Both parties warrant that each party shall assist the other party in the
      transfer of the relevant equity at request of the other party.

ARTICLE 6 DEFAULT AND EXEMPTION

1.    Any party that breaches this Agreement shall compensate the other party
      for all losses (including direct losses and indirect losses, as well as
      the relevant expenses and costs arising from claims), due to such a
      breach.

2.    If Party B fails to pay for the transferred equity by the agreed upon
      date, it shall be liable for a penalty of 0.5% of the balance payable per
      day.

3.    In case either party fails to perform this Agreement due to war, natural
      hazards or other force majeure, the Party in breach shall not be liable
      for the other party's loss for such a breach.

ARTICLE 7 GOVERNING LAW AND SETTLEMENT OF DISPUTE

1.    This Agreement is governed by the applicable laws, administrative
      regulations, local regulations, department rules, and other rules and
      regulations of the PRC.

2.    All disputes related to this Agreement shall be arbitrated in Shanghai in
      accordance with the applicable Arbitration Rules by China International
      Economic and Trade Arbitration Shanghai Commission. The arbitration shall
      be final and binding on each party.

ARTICLE 8 VALIDITY

This Agreement shall become valid and binding upon seal and/or signature of
Party A and Party B, as well as approval of Drill Pipe Co's original examination
and approval authority.

ARTICLE 9 MISCELLANEOUS

For matters not covered by this Agreement, both parties shall negotiate in good
faith with each other and reach a supplementary agreement.

ARTICLE 10 LANGUAGE AND TEXT

1.    This Agreement is written in Chinese and any translation editions are for
      reference purpose only.

2.    This Agreement is made in eight (8) original copies, with each party
      holding two copies, Drill Pipe Co holding one copy, and with all other
      copies having been submitted to the relevant governmental departments.

ARTICLE 11 TIME AND DATE FOR MAKING THIS AGREEMENT

1.    This Agreement is made on September 18, 2006.

2.    This Agreement is signed by both parties in Xinqu, Wuxi, PRC.

(No text hereunder)

Signature Page for Drill Pipe Co equity transfer

Transferor:

Wuxi Seamless Oil Pipes Company Limited (seal)

  /s/
--------------------------

Legal Representative or Authorized Representative (Signature)

Transferee:

Shanghai Hailong Oil Equipment Co., Ltd. (Seal)

  /s/
--------------------------

Legal Representative or Authorized Representative (Signature)--------------------------------------------------------------------------------
                                                                   EXHIBIT 10.17
                                                             English Translation
                                                              For Reference Only

--------------------------------------------------------------------------------

                       EQUITY INTEREST TRANSFER AGREEMENT

Transferor: Wuxi Seamless Oil Pipes Company Limited (hereinafter referred to as
"Party A")

Address: No. 38 Zhujiang Road, New District, Wuxi, P.R.C.

Postal Code: 214028

Legal Representative: Abdul Halim bin Harun

Transferee: Yuehai Zhao (hereinafter referred to as "Party B")

Address: Room 202, Unit 4, No. 7-43, Fuming Community, Sa Er Tu District, Daqing

ID No.: 239005196703241530

Whereas:

1.    Party A intends to transfer part of its equity in Daqing Yilangsite Oil
      Pipe Co., Ltd (hereinafter referred to as "Yilangsite") and Party B
      intends to accept such equity;

2.    Other shareholders of Yilangsite approved Party B to transfer its equity
      and they also agreed not to exercise their preemptive right under the same
      conditions;

3.    The Board meeting of "Yilangsite" held on November 24th, 2006 passed a
      valid resolution approving the equity transfer from Party A to Party B and
      its related matters.

Upon mutual and friendly consultation and through negotiation and according to
the Contract Law of the PRC and other relevant laws and regulations, Party A and
Party B hereby reach the following agreement with regard to Party A's transfer
of its equity interest in Yilangsite to Party B:

ARTICLE1 THE RELEVANT PARTIES:

1.    Yilangsite: a limited liability company established in January 19th, 2005
      with a registered capital of RMB 30 million yuan and the business scope
      focusing on oil bushing, oil pipe and fittings.

2.    Party A, a shareholder of Yilangsite, contributes RMB 10 million yuan to
      Yilangsite's registered capital and thus now holds 33.3% equity interest
      in Yilangsite.

ARTICLE 2 TRANSFER OF EQUITY

                                                                   EXHIBIT 10.17
                                                             English Translation
                                                              For Reference Only

--------------------------------------------------------------------------------

1.    Party A agrees to transfer 33% of equity in Yilangsite to Party B and
      Party B agrees to accept such transfer (hereinafter referred to as "Target
      Equity").

2.    Both Parties agree that upon this Agreement enters into force Party B
      shall legally hold the Target Equity and shall be entitled to all rights
      and bear all obligations of a shareholder as stipulated in Yilangsite's
      Articles of Associations.

3.    Party A and Party B agree that upon the successful implementation of this
      Agreement on the base date as stipulated in Article 3 hereunder, that is
      after September 30, 2006, all rights and interests related to or
      pertaining to the Target Equity shall be transferred to and observed by
      Party B.

ARTICLE 3 EQUITY TRANSFER PRICE

1.    Both Parties agree to take September 30, 2006 as the base date and take
      the balance amount after the interim dividends distribution in 2006 from
      the net worth of Yilangsite up to the base date confirmed by the financial
      report recognized by both Parties as the pricing reference.

2.    As of September 30, 2006, the net asset value of Yilangsite recognized by
      both Parties is RMB 33,107,157.56, and after the distribution of
      dividends, the balance is RMB 30,467,157.56, based on which both Parties
      agree to set the transfer price for the transfer of the Target Equity is
      RMB 10,155,719.19.

ARTICLE 4 TERM AND DELIVERY OF TARGET EQUITY

1.    Payment date for the transfer of the Target Equity: Party B shall fully
      pay to Party A for the transfer of the Target Equity within three (3)
      months commencing on the date when Yilangsite obtains a new business
      license.

2.    Party A and Party B shall jointly register the change regarding the
      transfer of the Target Equity with the Industrial and Commerce
      Administration Bureau.

ARTICLE 5 WARRANTY

1.    Party A warrants to Party B that the Target Equity is free of assignment,
      pledge, seizure or limitation to any other rights or legal dispute, and it
      has the right to transfer the Target Equity.

2.    Party B warrants that Party B is a legally organized and existing legal
      person and it has the right to receive the Target Equity.

3.    Party B warrants that it shall, after becoming a shareholder of
      Yilangsite, strictly follow Yilangsite's Articles of Associations and
      fulfill its duties and obligations as a shareholder.

4.    Both Parties warrant that one party shall assist the other party in the
      transfer of the relevant equity at the request of the other party.

ARTICLE 6 DEFAULT AND EXEMPTION

                                                                   EXHIBIT 10.17
                                                             English Translation
                                                              For Reference Only

--------------------------------------------------------------------------------

1.    Any party that breaches this Agreement shall compensate the other party
      for all losses (direct loss, indirect loss as well as the relevant
      expenses and costs arising from claims) due to such default.

2.    In case Party B fails to pay for the transfer of the Target Equity in
      time, it shall suffer a penalty based on 0.5% per day for the balance of
      the payable amount.

3.    In case either party fails to perform this Agreement due to war, natural
      hazards or other force majeure, the Party in default shall not be liable
      for the other party's loss for such a default.

ARTICLE 7 GOVERNING LAW AND SETTLEMENT OF DISPUTE

1.    This Agreement is governed by the applicable laws, administrative
      regulations, local regulations, department rules, and other normative
      documents of the PRC.

2.    All disputes related to this Agreement shall be arbitrated in Shanghai in
      accordance with the applicable Arbitration Rules by China International
      Economic and Trade Arbitration Shanghai Commission. The arbitration award
      shall be final and binding on the Parties.

ARTICLE 8 VALIDITY

This Agreement shall come into effect on the date when both Parties signed,
sealed, as well as approved by Yilangsite's original examination and approval
authority.

ARTICLE 9 MISCELLANEOUS

Matters that are not discussed in this Agreement, both Parties shall determine
through friendly negotiation and reach a supplementary agreement.

ARTICLE 10 LANGUAGE AND TEXT

1.    This Agreement is written in Chinese and any translation versions are for
      reference purpose only.

2.    This Agreement is made in eight (8) original copies, each party keeps two
      copies, Yilangsite keeps one (1) copy, and all other copies shall be
      submitted to the relevant governmental departments.

ARTICLE 11 TIME AND DATE FOR MAKING THIS AGREEMENT

1.    This Agreement is made on December 5th, 2006.

2.    This Agreement is signed by both Parties in Xinqu, Wuxi, P.R.C..

(No text hereunder)

                                                                   EXHIBIT 10.17
                                                             English Translation
                                                              For Reference Only

--------------------------------------------------------------------------------

Signature Page for Yilangsite's Equity Transfer Agreement

Transferor:

Wuxi Seamless Oil Pipe Company Limited (seal)

/s/   Longhua Piao
----------------------

Legal Representative or Authorized Representative (signature)

Transferee:

/s/  Yuehai Zhao

(Signature)

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