Document:

EX 10.14

MEMORANDUM OF UNDERSTANDING

This  Memorandum of  Understanding  (MOU) is entered into as of June 22, 2001 by
RENTECH, INC., a Colorado corporation,  with headquarters at 1331 - 17th Street,
Suite 720,  Denver,  Colorado  80202  (Rentech) and GTL BOLIVIA S.A., a Bolivian
corporation, with headquarters at Santa Cruz, Bolivia (GTL Bolivia).

Background Circumstances:

         A. GTL Bolivia is principally engaged in the development of one or more
GTL facilities in the country of Bolivia.  The GTL  facilities  will use natural
gas to produce GTL products for use in the country and export.

         B.   Rentech  has   developed  a   synthesis   gas-to-liquids   process
incorporating  Fischer- Tropsch Technology with a slurry reaction bed and use of
Rentech?s iron-based catalyst (GTL Technology). The GTL Technology is useful for
converting carbon-bearing solids and gases into various liquid hydrocarbons such
as synthetic diesel fuel, naphtha, wax and other liquid hydrocarbon products.

         C. Rentech has  previously  licensed use of its GTL Technology to other
corporations Rentech is willing to license its GTL Technology to GTL Bolivia for
use in plants  that GTL  Bolivia,  alone or with  partners,  may  construct  and
operate to convert some of GTL Bolivia?s natural gas reserves, whether now owned
or subsequently  acquired,  into liquid hydrocarbon products, as well as for use
in  industrial  gas plants  that GTL  Bolivia  may  acquire  and  convert to use
Rentech?s GTL Technology.

         D.  Rentech and GTL Bolivia  intend to enter into a strategic  alliance
for these purposes.

Now,  therefore,  in  consideration  of the  background  circumstances  and  the
following mutual agreements, the parties agree as follows:

         1.  Negotiations of License.  Rentech agrees to enter into  discussions
with GTL Bolivia  with the  objective  of granting  one or more  licenses to GTL
Bolivia that allows it to use  Rentech?s GTL  Technology in plants  developed by
GTL  Bolivia for  conversion  of natural  gas into  liquid  hydrocarbons,  or in
industrial gas plants,  or in existing  industrial  plants that GTL Bolivia will
convert to gas-to-liquids  plants. The licenses will be nonexclusive and limited
to the use of 100% natural gas as feedstock.  If mutually  acceptable  terms are
agreed upon  between the  parties,  Rentech  will grant  licenses to GTL Bolivia
providing for use of Rentech?s GTL  Technology at one or more sites  selected by
GTL Bolivia.

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         2. Responsibilities of GTL Bolivia. GTL Bolivia will be responsible for
providing   suitable   sources  of  natural  gas  feedstock  and  for  planning,
developing, designing, financing, constructing or converting, and operating each
conversion  plant that uses  Rentech?s  GTL  Technology.  GTL Bolivia  will also
market liquid hydrocarbons produced by its plants.

         3.   Cooperation  of  Parties.   Upon  the  mutual  execution  of  this
Memorandum,  Rentech  will  cooperate  with  GTL  Bolivia?s  evaluation  of  its
potential plant sites by analyzing the  suitability of the chemical  composition
of the proposed  feedstock  gas for the GTL  Technology.  Upon a decision by GTL
Bolivia  to  develop a plant for a  particular  gas  reserve,  or to  convert an
industrial  gas  plant,  a  site-specific  license  will  be  negotiated  to use
Rentech?s GTL Technology at the specific site.

         4.  General  Provisions  of License.  Each  license to GTL Bolivia will
provide for payment of license fees to Rentech for each plant,  royalties  based
on production of liquid hydrocarbons, and other provisions customary to licenses
of such technology.

         5.  Confidentiality  Obligations  of GTL  Bolivia.  In  addition to the
provisions of any separate, additional agreements of confidentiality between GTL
Bolivia and Rentech, GTL Bolivia agrees as follows:

         5.1 Information  That Is Confidential;  Obligation of  Confidentiality.
Confidential  Information means all information received by GTL Bolivia relating
to  Rentech?s  GTL  Technology,  including  but not  limited  to the  design and
operating process of synthesis reactor modules that incorporate this technology;
formulas for the  production and induction of Rentech?s  catalyst;  the designs,
plans  and  prospects  of  Rentech  for  development  of  plants  using  the GTL
Technology; and all other know-how, trade secrets and proprietary information of
Rentech  including  processes,  formulas,  software  programs and source  codes,
improvements,  inventions,  techniques, induction procedures, designs, and plans
for plants using the GTL Technology  forecasts,  new products,  customer  lists,
information regarding  prospective financing sources and licensees,  feedstocks;
fee and  royalty  amounts  charged  by  Rentech;  and non-  published  financial
information  relating  to  Rentech  or  the  GTL  Technology.  All  Confidential
Information   shall  be  considered   confidential  even  though  disclosed  and
transferred  to GTL Bolivia.  GTL Bolivia  agrees  that,  except as necessary to
protect  itself  against  claims  of  infringement,  it shall  neither  use such
information,  except pursuant to and in accordance with the terms and conditions

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of this Memorandum, nor disclose such information to anyone except its employees
and agents  that GTL  Bolivia  determines  need to know in  connection  with the
evaluation of natural gas reserves for use as feedstock for the GTL  Technology,
or the development, financing, construction, retrofitting, or operation of a GTL
Technology plant, whose knowledge of such information is necessary to effect the
purposes  set out in this  Memorandum.  GTL  Bolivia may  disclose  Confidential
Information   to  such  person   only  if  (i)  such   person  has   executed  a
confidentiality agreement maintained by GTL Bolivia in substantially the form of
the  confidentiality  agreement used by Rentech,  and (ii) GTL Bolivia has taken
other   reasonable   steps  to  ensure  that  such  person  will   maintain  the
confidentiality  of  the  Confidential  Information  during  the  term  of  this
Memorandum,  and after  termination or expiration of this Memorandum  until such
time as the information  ceases being Confidential  Information  pursuant to the
provisions of the following section. GTL Bolivia shall be responsible to Rentech
for breach of these obligations of confidentiality by any such person.

         5.2 Exception to Confidentiality.  It is agreed, as an exception to the
foregoing  obligations  of  confidentiality,  that  information  received by GTL
Bolivia  from  Rentech as a result of this  Memorandum  shall not be  considered
confidential,  and GTL Bolivia shall not be limited in  disclosing  the same, if
and to the extent that the information,  as shown by competent evidence;  (i) is
or becomes, through no fault of the party obligated to maintain confidentiality,
in the public  domain;  (ii) is lawfully  obtained by GTL Bolivia  from a source
other than the Rentech or its agents;  (iii) was already known by GTL Bolivia at
the time of its  receipt,  as shown by  reasonable  proof filed with GTL Bolivia
within a reasonable time after its receipt;  or (iv) is required to be disclosed
by order of any court or governmental authority having jurisdiction. Disclosures
that are  specific,  including but not limited to operating  conditions  such as
pressures,  temperatures,  formulas,  procedures  and other such  standards  and
conditions,  shall not be deemed to be within the  foregoing  exceptions  merely
because they are embraced by general disclosures available to the general public
or in GTL Bolivia?s possession.  Additionally, any combination of features shall
not  be  deemed  to be  within  the  foregoing  exceptions  merely  because  the
individual  features  are  available to the general  public or in GTL  Bolivia?s
possession  unless the  combination  itself and its  principles of operation are
available to the general public.

         5.3 Published  Disclosure.  It is agreed that the disclosure of certain
information  by  Rentech  in a  publication,  such as in  letters  patent  or by
otherwise  placing it in the public  domain,  will not free GTL Bolivia from its
obligation to maintain in confidence any information not specifically  disclosed
in or fairly  ascertainable  from the publication or other disclosure,  such as,
for example,  the fact that  information in the publication or any portion of it
is or is not used by either  party.  GTL Bolivia shall have the right to publish
information or articles  pertaining to the GTL Technology,  GTL Bolivia?s plants
using  the  technology,  and  products  so  long  as  such  information  is  not
confidential,  and, with respect to  Confidential  Information,  only upon prior
written approval by Rentech, which it may withhold in its absolute discretion.

<PAGE>

         6.   Confidentiality   Obligations  of  Rentech.  In  addition  to  the
provisions of any separate,  additional  agreements of  confidentiality  between
Rentech and GTL Bolivia, Rentech agrees as follows:

         6.1 Information  that is Confidential;  Obligation of  Confidentiality.
Confidential  Information means all information  received by Rentech relating to
GTL Bolivia?s gas reserves,  insofar as the  information  is  confidential  data
about the  extent or  specific  chemical  composition  of the  reserves,  or GTL
Bolivia?s  plans or  prospects  for  acquiring  interests  in gas reserves or in
acquiring and converting  industrial gas plants to use Rentech?s GTL Technology.
All  Confidential  Information  shall be  considered  confidential  even  though
disclosed and  transferred to Rentech.  Rentech agrees that it shall neither use
such information, except pursuant to and in accordance with this Memorandum, nor
disclose such information to anyone except its employees and agents that Rentech
determines  needs to know in connection  with evaluation of natural gas reserves
for use as  feedstock  for the GTL  Technology  or the  development,  financing,
construction,  retrofitting,  or  operation  of any GTL  Technology  plant whose
knowledge  of such  information  is  necessary  to effect the  purposes  of this
Memorandum.  Rentech may only disclose Confidential  Information to such persons
only if (i) such person has executed a confidentiality  agreement  maintained by
Rentech in substantially the form of the  confidentiality  agreement used by GTL
Bolivia,  and (ii) Rentech has taken other  reasonable steps to ensure that such
person will maintain the confidentiality of the Confidential  Information during
the  term of  this  Memorandum  and  after  termination  or  expiration  of this
Memorandum  until  such  time  as  the  information  ceases  being  Confidential
Information pursuant to the provision of the following section. Rentech shall be
responsible to GTL Bolivia for breach of these obligations of confidentiality by
any such person.

<PAGE>

         6.2 Exception to Confidentiality.  It is agreed, as an exception to the
foregoing  obligations of confidentiality,  that information received by Rentech
from  GTL  Bolivia  as a  result  of this  Memorandum  shall  not be  considered
confidential, and Rentech shall not be limited in disclosing the same, if and to
the extent  that the  information,  as shown by  competent  evidence;  (i) is or
becomes, through no fault of the party obligated to maintain confidentiality, in
the public domain; (ii) is lawfully obtained by Rentech from a source other than
GTL Bolivia or its agents; (iii) was already known by Rentech at the time of its
receipt,  as shown by  reasonable  proof filed with Rentech  within a reasonable
time after its  receipt;  or (iv) is  required to be  disclosed  by order of any
court  or  governmental  authority  having  jurisdiction.  Disclosures  that are
specific  shall  not be  deemed to be within  the  foregoing  exceptions  merely
because they are embraced by general disclosures available to the general public
or in Rentech?s possession.

         6.3 Published  Disclosure.  It is agreed that the disclosure of certain
information  by GTL  Bolivia in a  publication  will not free  Rentech  from its
obligation to maintain in confidence any information not specifically  disclosed
in or fairly  ascertainable  from the publication or other disclosure,  such as,
for example,  the fact that  information in the publication or any portion of it
is or is not used by either  party.  Rentech  shall  have the  right to  publish
information or articles  pertaining to GTL Bolivia?s gas reserves,  plants using
the technology,  and products so long as such  information is not  confidential,
and, with respect to Confidential Information,  only upon prior written approval
by GTL Bolivia, which it may withhold in its absolute discretion.

         7. Entire  Agreement.  This Memorandum  (including any exhibits hereto)
and the  agreements,  documents  and  instruments  to be  signed  and  delivered
pursuant  hereto or  thereto,  are  intended to embody the final,  complete  and
exclusive agreement among the parties with respect to the current aspects of the
subject  matter  of  this  Memorandum;  are  intended  to  supersede  all  prior
agreements,  understandings and  representations,  written or oral, with respect
thereto,  and  may  not be  contradicted  by  evidence  of  any  such  prior  to
contemporaneous agreement,  understanding or representation,  whether written or
oral.  No change or  modification  to this  Memorandum  shall be valid unless in
writing and signed by the parties hereto.

         8. Business Relationship.  Notwithstanding any other provisions of this
Memorandum,  nothing in this  document is intended  or shall be  constructed  as
creating a  partnership,  joint  venture,  or any other legal entity between the
parties,  nor any continuing  relationship or commitment  between them except as
specifically provided in this Memorandum.  Each party shall conduct all business
in such party?s own name as in  independent  contractor.  Neither party shall be
liable for the  representations or acts of the other party contrary to the terms
of this Memorandum. Neither party has the right or power to act for or on behalf
of the  other or to bind the  other in any  respect  whatsoever,  other  than as
expressly provided for in this Memorandum.

<PAGE>

         9.  Expenses.  Except as may be  otherwise  agreed to in writing,  each
party shall be  responsible  for and pay its own costs and expenses  incurred in
the performance of its obligations under this Memorandum.

         10. Duration. This Memorandum will be effective upon execution and will
continue until superseded by a license agreement or terminated by written notice
given by one party to the other. After termination each party shall be free from
any  obligation  or  liability  to the  other  except  for the  obligations  and
liabilities  of  confidentiality  set forth in  paragraphs 5 and 6, all of which
shall survive the termination of this Memorandum.

         11. Paragraph  Headings.  The headings of the paragraphs or sections of
this  Memorandum are inserted  solely for convenience of reference and are not a
part of the  Memorandum.  They are not  intended to govern,  limit or aid in the
construction of any term or provision of this Memorandum.

         12. Notices. All notices,  requests and other communications  hereunder
shall be in writing and shall be delivered by courier or other means of personal
service  (including  by means of a  nationally  recognized  courier  service  or
professional  messenger service);  or sent by telex or telecopy; or mailed first
class,  postage prepaid,  by certified mail,  return receipt  requested;  in all
cases, addressed to each party at the following address. All notices,  requests,
and other  communications shall be deemed given on the date of actual receipt or
delivery as evidenced by written  receipt,  acknowledgment  or other evidence of
actual receipt or delivery to the address specified above. In case of service by
telecopy,  a copy of such notice  need not be  personally  delivered  or sent by
certified  mail.  Any party  hereto may from time to time,  by notice in writing
served as set forth previously,  designate a different address or a different or
additional person to which all such notices or communications  thereafter are to
be given.

Rentech:                         GTL Bolivia:
1331 17th Street, Suite 720      Calle Cochabamba, Torres CAINCO, Piso 7, Of. 2B
Denver, CO  80202                Santa Cruz, Bolivia

         13.  Assignment.  Neither  party  shall  transfer  or assign any of its
rights,  liabilities,  or obligations under this Memorandum  without the express
written  consent  of the  other.  Such  consent  may  be  withheld  in the  sole
discretion of that party.

<PAGE>

         14.  Facsimile  Signatures.  The parties agree that this Memorandum and
related  documents may be  transmitted  between them by facsimile  machine.  The
parties intend that faxed signatures  constitute signed original signatures that
are  binding  upon the  party who signs a  document,  and that a faxed  document
containing the signatures (original or faxed) of all the parties is binding upon
all parties.

         15.  Counterparts.  This  Memorandum  may be  executed  in one or  more
counterparts,  with the same  effect as if all  parties to this  Memorandum  had
signed the same document.  All  counterparts  shall be constructed  together and
constitute one agreement.

         16. It is specifically  understood that GTL Bolivia  partners have made
no arrangements with a joint developer,  principal,  project manager,  source of
gas, domestic or export group. In addition the legislation to permit the project
in  favorable  economic  terms to GTL  Bolivia  have  not yet been  implemented.
However,   GTL  Bolivia  S.A.  may  have   partners  in  the  future,   for  the
implementation of the GTL Project with Rentech.  GTL Bolivia will extend all the
provisions of this memorandum to such possible partners.

         17. Rentech currently has no understanding or any other arrangement for
developing a GTL project in Bolivia with any third party.

RENTECH, INC.

By: /s/ Dennis L. Yakobson
-----------------------------
Dennis L. Yakobson, President

GTL BOLIVIA S.A.

By: /s/ Luis C. Kinn
-----------------------------
Luis C. Kinn, General ManagerEX 10.15

MEMORANDUM OF UNDERSTANDING
FOR A
NON-EXCLUSIVE LICENSE MARKETING AGREEMENT
FOR THE
CONVERSION OF NATURAL GAS TO GAS TO LIQUID
FACILITIES
WORLD WIDE

This  Agreement,  made  effective  as of the 20th day of  January  2000,  by and
between Jacobs Engineering U.K. Limited (hereinafter  referred to as ?Company?),
a corporation  organized and existing under the laws of the United Kingdom,  and
Rentech, Inc. (hereinafter referred to as ?Enterprise?), a corporation organized
and existing  under the laws of the State of Colorado.  For the purposes of this
Agreement,  Company and Enterprise are individually  referred to as ?Party?  and
collectively as the ?Parties?.

WITNESSETH:

WHEREAS, Company currently has an advanced position through many experiences and
stored know-how in the engineering and  construction of synthesis gas processing
projects related to the oil and gas industry,

WHEREAS,   Enterprise   has   developed  a  synthesis   gas-to-liquids   process
incorporating  Fischer- Tropsch  technology  (hereinafter  referred to as ?F-T?)
with a slurry  reaction  bed and an iron-  based  catalyst  known as the Rentech
gas-to-liquids technology (hereinafter referred to as ?Rentech GTL Technology?).
The Rentech GTL Technology is useful for converting  carbon-  bearing gases into
various liquid  hydrocarbons  such as synthetic diesel fuel,  naphtha,  wax, and
other liquid hydrocarbon products; and

WHEREAS,  Enterprise and Company  desire to set out more fully their  agreements
and the  principles  under  which their  mutual  objectives  are  intended to be
achieved.

NOW,  THEREFORE,  in  consideration  of the mutual premises and covenants herein
contained, the Parties do hereby agree as follows:

1. OBJECTIVES

The Parties  agree to  cooperate  on a plan to provide  license and  engineering
services for natural gas  facilities,  including  methanol and ammonia  facility
retrofits,  to gas  to  liquid  facilities  worldwide  (except  as  provided  in
paragraph  5)  utilizing  the  Rentech  GTL  Technology  for  the  projects  and
customers.  Company and/or its  affiliates  shall provide  design,  procurement,

<PAGE>

construction,  project technical  development and estimating  services as may be
required  for a  specific  project.  Company  will  integrate  the  Rentech  GTL
Technology  into the overall  project  process,  if the overall  project process
extends beyond the Rentech GTL  Technology.  Enterprise will provide the Rentech
GTL  Technology  under its  patents  including  the  Rentech F-T unit design and
specifications.

2. PATENT INDEMNITY

The Enterprise  shall defend,  indemnify and hold the Company  harmless from and
against  any  claims  which may arise for  actual  or  alleged  infringement  of
patents,  copyrights or other  intellectual  property rights with respect to the
Rentech GTL Technology.

3. MARKETING

The Parties  will  jointly  market  their  combined  capabilities  to  potential
customers;  however,  neither  Party  shall  have  the  authority  nor  shall it
represent  itself as having the authority to bind or otherwise  commit the other
Party to any  obligation  or  commitment  with a third party.  The Parties shall
continue  to refine the  details of their  respective  scopes of work as well as
delineate the requirements, nature and details of any necessary agreements to be
executed between the Parties for the performance of a specific project including
but  not  limited  to  licensing   agreements,   consortium   agreements  and/or
construction contracts or subcontracts.

4. BUSINESS RELATIONSHIP

Notwithstanding any over provisions of this Agreement,  nothing contained herein
is intended or shall be deemed or  construed  as creating a  partnership,  joint
venture  or any other  legal  entity  between  the  Parties  nor any  ongoing or
continuing  relationship  or  commitment  between  them  except as  specifically
provided herein.

5. EXCLUSIVITY

When the Company  receives an enquiry  from a customer to employ the Rentech GTL
Technology,  it shall  notify the  Enterprise.  The Parties  shall then  jointly
consider each such opportunity.  On a case by case basis the Parties shall agree
which projects  involving the Rentech GTL Technology to jointly  pursue,  except
that the Company shall have no involvement in projects  where:  (i) the customer
has  selected  another  specific  engineering  firm (ii) the customer is another
engineering firm representing the customer,  (iii) the customer is Texaco Energy
Systems,  Inc., its licensee, an affiliate of Texaco Energy Systems, Inc. or its
affiliate?s licensee; (iv) or the Rentech GTL Technology would be used in Brazil
or India.  The Parties  shall cause such agreed  projects to be added by name to
Exhibit ?A,?  attached hereto and by this reference made a part hereof.  The two
potential customers presently  identified on Exhibit ?A? have expressly rejected
Dresser   Engineering   Company  as  their   engineering   contractor  and  have
affirmatively  selected  the Company for that  purpose.  During the term of this
Agreement,  the Parties shall have an exclusive  relationship with each other as
to the qualified customers identified on Exhibit ?A,? and neither Enterprise nor
Company  will in any way  pursue or perform  any  aspect of a project  listed on
Exhibit ?A? except as provided under the terms and conditions of this Agreement,
either  directly  or  indirectly,  by way of a  partnership,  consortium,  joint
venture,  or  subcontract,  except (i) with the express  written  consent of the
other Party which shall not be unreasonably  withheld,  and/or (ii) the customer
for a specific project determines that one of the Parties is unacceptable.

<PAGE>

6. TECHNOLOGY LICENSE

The Enterprise will negotiate in good faith with potential customers  identified
on Exhibit ?A? as to the terms of a license agreement for use of the Rentech GTL
Technology  for each  specific  project  listed  in  Exhibit  ?A.?  If  mutually
acceptable  terms are agreed upon between the Enterprise  and the customer,  the
Enterprise  will provide a Rentech GTL Technology  license for the project.  The
Company will share in the Royalty under the negotiated license on a split of 80%
to Enterprise  and 20% to Company to recognize the  marketing  costs  associated
with this agreement.

7. DURATION

This  Agreement  shall be  effective  until the  earlier  of (i) thirty six (36)
months from the date  hereof,  or (ii) upon six (6) months  written  notice from
Company or Enterprise.  After termination of this Agreement,  either Party shall
be free from any  obligation  or  liability  to the other  Party  except for the
obligations  referred to in Article 2 and Article 9 and obligations set forth in
specific project agreements prior to termination,  all of which survive the term
of this Agreement.

8. ASSIGNMENT

Neither  Party  shall  transfer  or assign any of its  rights,  liabilities,  or
obligations under this Agreement without the express written consent of the over
Party,  other than to one of its subsidiary or affiliated  companies;  provided,
however,  that  the  assigning  Party  shall  not  be  relieved  of  any  of its
obligations under Articles 5 and 9 hereof.

9. EXPENSES

Except as may be otherwise  agreed to in writing each Party shall be responsible
for and  bear  its own  costs  and  expenses  incurred  in  connection  with the
performance of its obligations under this Agreement.

<PAGE>

10. CONFIDENTIALITY

The Parties  shall hold in  confidence,  and shall use only for the  purposes of
this Agreement,  any and all Proprietary  Information until five (5) years after
completion or earlier  termination of this Agreement  pursuant to its terms. For
the purposes of this clause, the term ?Proprietary  Information?  shall mean all
information,  which the Parties,  directly or indirectly,  acquire each from the
other, excluding information falling into any of the following categories;

(a)  Information  which, at the time of disclosure  hereunder,  is in the public
domain;

(b) Information  which,  after  disclosure  hereunder,  enters the public domain
other than by breach of this Agreement;

(c) Information,  other than that obtained from third Parties,  which,  prior to
disclosure hereunder, was already in the recipient?s possession,  either without
limitation  on  disclosure  to  others  or  subsequently  becoming  free of such
limitation;

(d)  Information  obtained  by  the  recipient  from a  third  party  having  an
independent right to disclose this information; and

(e)  Information  which  is made  available  through  discovery  by  independent
research  without use of or access to the  information  acquired  from the other
Party.

Disclosures  which are specific (e.g., as to operating  conditions and the like)
shall not be deepened to be within the forgoing  exceptions  merely because they
are  embraced  by general  disclosures  available  to the  general  public or in
Receiving Party?s  possession.  Additionally,  any combination of features shall
not  be  deemed  to be  within  the  foregoing  exceptions  merely  because  the
individual  features  are  available to the general  public or in the  Receiving
Party?s  possession unless the combination itself and its principle of operation
are available to the general  public or in Receiving  Party?s  possession.  Each
Party?s  obligation to the other Party with respect to  Proprietary  Information
shall be deemed to be fully  performed  if that  Party  observes,  with  respect
thereto,  the same  safeguards  and  precautions  which that Party observes with
respect to that Party?s own Proprietary Information of the same or similar kind.

11. CONSEQUENTIAL DAMAGES

Except as provided  under Article 2, in no event shall either Party be liable to
the other, whether arising under contract, tort (including  negligence),  strict
liability, or otherwise, for loss of anticipated profits or revenue, loss of use
of  capital,   downtime  of   facilities,   loss  of  business   reputation   or
opportunities,  cost  of  money,  or  for  any  special,  indirect,  incidental,
consequential or exemplary loss or damage of any nature arising at any time from
any cause  whatsoever,  even if such loss or damage is caused by the negligence,
in whole or in part, strict liability or other legal fault of the Party released
hereunder.

<PAGE>

12. APPLICABLE LAW AND ARBITRATION

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF COLORADO,  (WITHOUT REGARD TO CONFLICTS OF LAW). ALL SUITS, ACTIONS
OR  PROCEEDINGS   ARISING  OUT  OF  OR  RELATED  TO  THIS  AGREEMENT   (?RELATED
PROCEEDINGS?) SHALL BE BROUGHT IN A COURT OF COMPETENT  JURISDICTION  LOCATED IN
DENVER COUNTY,  COLORADO, EACH OF WHICH COURTS SHALL BE AN APPROPRIATE FORUM FOR
ALL SUCH RELATED  PROCEEDINGS.  EACH PARTY HEREBY WAIVES ANY OBJECTION  WHICH IT
MAY NOW OR HEREAFTER  HAVE TO THE  JURISDICTION  OF ANY SUCH COURT OVER,  OR THE
LAYING OF VENUE IN ANY SUCH COURT OF ANY SUCH RELATED PROCEEDINGS.

13. COMPLIANCE

Each Party agrees to comply strictly with all applicable  laws,  regulations and
orders of the United  States and all foreign  jurisdictions.  Each Party  hereby
acknowledges  and agrees that certain laws of the United  States,  including the
Foreign Corrupt Practices Act, 15 (U.S.C.  Sections 78dd-1 et seq., prohibit any
person subject to the  jurisdiction of the United States from making any payment
of money or anything of value, directly or indirectly, to any foreign government
official, foreign political party, or candidate for foreign political office for
the purpose of obtaining or retraining  business.  Each Party hereby  represents
and warrants that, in the performance of its obligations  hereunder,  it has not
made, and will not make, any such proscribed payment. Each Party shall indemnify
and hold the over  Party and its  affiliates,  officers,  directors,  agents and
employees   harness   against  any  and  all  claims,   losses  and  liabilities
attributable to any breach of this provision.

14. MISCELLANEOUS

This Agreement  contains every obligation and understanding  between the Parties
relating  to the  subject  matter  hereof  and  merges  all  prior  discussions,
negotiations  and agreements,  if any,  between them, and neither of the Parties
shall be bound by any  conditions,  definitions,  understandings,  warranties or
representations  relating to the subject  matter  hereof other than as expressly
provided for or referred to in this  Agreement.  This  Agreement  can be amended
only by written  instrument  properly  executed by the  Parties;  any  purported
amendment  not in writing and properly  executed  shall be null,  void and of no
effect.

<PAGE>

Without  intending to exclude other  provisions of this  Agreement that by their
nature may so survive,  the provisions of Article 8 shall survive any completion
or earlier termination of this Agreement.

IN WITNESS  WHEREOF,  the Parties have  executed  this  Agreement as of the date
hereinabove first stated.

RENTECH, INC.                                    Jacobs Engineering U.K. Limited

By: /s/ Dennis L. Yakobson                       By: John Nuloehler
--------------------------                       -------------------------------
Its:  President                                  Group Vice President

EXHIBIT A

LIST OF PROJECTS

1.   Name                              Feasibility Study (Targeted)

Description                            Partial or total conversion to FT liquids

2.   Name                              Feasibility Study (Targeted)

Description                            Natural Gas to Liquids Project

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