Document:

Exhibit 10.31

             AGREEMENT FOR TERMINATION OF THE JOINT VENTURE CONTRACT

         AND ARTICLES OF ASSOCIATION OF WUXI SEAMLESS OIL PIPE CO., LTD.

THIS AGREEMENT (this "Agreement") is made and executed in Wuxi, Jiangsu
Province on this 18th day of August, 2006 by and between:

Party A:   Wuxi Huayi Investment Co., Ltd., registered in Wuxi, Jiangsu
           Province, P.R.C., having its legal address at Room 909, New City
           Building, No. 1 Changiang North Road, Wuxi New District, Jiangsu
           Province, P.R.C.
           Legal representative: Mr. Piao Longhua
           Position: Chairman
           Nationality: Chinese

Party B:   UMW ACE (L) LTD., registered in Malaysia, having its legal address
           at Brumby House, Jalan Bahasa, P.O. Box 80148,
           87011 Labuan F.T. Malaysia
           Legal representative:
           Dato Dr. Abdul Halim Bin Harun
           Position: Chairman
           Nationality: Malaysian

WHEREAS:

1.    In accordance with the Joint Venture Contract and Articles of Association
      entered into on 1 August 2004, 2005 by and between Party A and Party B,
      Party A and Party B are the current shareholders of Wuxi Seamless Oil Pipe
      Co., Ltd. (the "Company"), and each holds 49% and 51% of the equity shares
      of the Company respectively;

2.    On Aug. 18th, 2006 the Board of Directors of the Company held an interim
      meeting and Party A and Party B transfer their equity shares in the
      Company to FIRST SPACE HOLDINGS LIMITED ("FSHL") respectively. After the
      share transfer, the Company will become a wholly foreign-owned enterprise
      and all its equity shares will be solely held by FSHL;

NOW, THEREFORE, after friendly consultation in all aspects, the Parties hereby
agree as follows:

I.    The Parties both agree to terminate the original Joint Venture Contract
      (the "JVC") and Articles of Association (the "AOA") of the Company.

2.    The Parties hereby acknowledge that as of the date of this Agreement, each
      Party has in a strict and good manner performed and fulfilled its
      respective duties and obligations under the JVC and AOA, and has not
      breached any provisions of the JVC and AOA.

3.    This Agreement shall become effective after the Chinese commerce authority
      has approved this share transfer and the new AOA and the new AOA has been
      registered with the industry and commerce bureau.

4.    Upon the effectiveness of this Agreement, the original JVC and AOA of the
      Company shall be terminated, and Party A and Party B shall no longer enjoy
      the rights and assume the obligations under the JVC and AOA.

5.    This Agreement is executed by the authorized representatives of the
      Parties, with the corporate seals of the Parties affixed thereto.

6.    This Agreement shall be executed in six sets of original copies, with two
      sets for each of Party A and Party B, and two sets for relevant Chinese
      government authorities to approve and register.

Party A: Wuxi Huayi Investment Co., Ltd.

/s/                 (seal)
    ----------------------------------------
    Authorized representative

Party B: UMW ACE (L) LTD.

/s/
    ----------------------------------------
    Authorized representativeCERTIFICATE

This is to certify that Wuxi Seamless Steel Tube Co., Ltd. agrees that Wuxi
Seamless Oil Pipes Company Limited may use the trade name of "Xi Mu Lai Si."

                                 Wuxi Seamless Steel Tube Co., Ltd.
                                 (seal)

                                 October 28, 1999EXHIBIT 10.33
                                                             English Translation
                                                              For Reference Only

GF-2000-0101

                 PURCHASE AND SALE CONTRACT FOR INDUSTRIAL GOODS

Seller: TAIYUAN TONGZE                Contract No:
EQUIPMENT CO., LTD.
Buyer: WUXI SEAMLESS OIL PIPES        Location of    WUXI, JIANGSU PROVINCE, PRC
COMPANY LIMITED                       signing of
                                      contract:
                                      Date:          OCTOBER 12, 2005

Article 1 Commodity, Quantity, Amount, Payment and Delivery Time

------------------------------------------------------------------------------------------------------------------------------------
                                                                          Unit                      Delivery Time & Quantity
               Brand &                                                                      ----------------------------------------
 COMMODITY    TRADEMARK   specification  Manufacturer  unit   Quantity             Amount   Total
                                                                         Price              amount
------------------------------------------------------------------------------------------------------------------------------------

  Five stand mill ()250mm MPM seamless steel pipe                                                        The seller delivers goods
       engineering equipments; for

                     details,                                                            RMB224,000,000      according to the

see schedule 1,2,3 & 4 to the contract for details                                                         buyer's requirements
------------------------------------------------------------------------------------------------------------------------------------

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

------------------------------------------------------------------------------------------------------------------------------------
Total Amount In RMB (in capital letters):TWO HUNDRED AND TWENTY FOUR MILLION RENMINBI ONLY(17% value added tax inclusive)
------------------------------------------------------------------------------------------------------------------------------------

                                                                                   [ ]Note [ ]Space beyond the blank is available[ ]

Article 2 Quality Requirement: SUBJECT TO <<AGREED SPECIFICATIONS FOR
DESIGNING FIVE STAND MILLO250MM MPM SEAMLESS STEEL PIPE ENGINEERING
EQUIPMENTS>>

Article 3 Conditions and Term of Seller's Guarantee of Quality :

THE SELLER GUARANTEES THAT THE EQUIPMENT SHALL MEET THE AGREED STANDARD AFTER
INSTALLATION AND TUNING. GUARANTEE PERIOD IS AVAILABLE.

Article 4 Packaging specifications, supply and recovery of packaging materials:

THE PACKAGING MATERIALS SHALL PROTECT THE EQUIPMENTS AND FACILITATE
TRANSPORTATION. PACKAGING MATERIALS SHALL BE PROVIDED BY THE SELLER AND SHALL
NOT BE RECOVERED.

Article 5 Essential goods, accessories, tools accompanying the equipment,
quantity, and the supply methods:

THE SELLER SHALL PROVIDE SPARE PARTS FOR TESTING PURPOSE.

                                                                   EXHIBIT 10.33
                                                             English Translation
                                                              For Reference Only

Article 6 Standard for reasonable impairment and the calculation methods: N/A

Article 7 The title of the subject shall be transferred at the time WHEN GOODS
ARRIVE AT THE BUYER'S SITE, however, the title will remain with THE SELLER if
the Buyer has not performed his/her payment obligations.

Article 8 Mode and place of delivery:

THE SELLER DELIVERS THE GOODS AT THE SITE OF THE BUYER.

Article 9 Transportation mode, destination (port) and the cost to bear:

THE SELLER IS RESPONSIBLE FOR THE TRANSPORTATION OF THE GOODS AT ITS OWN COST.

Article 10 Criteria, methods, place and term of validity for inspection:

ACCORDING TO ARTICLE 2, THE GOODS WILL BE INSPECTED BY THE BUYER AT THE BUYER'S
SITE , AND THE INSPECTION SHALL BE CONDUCTED WITHIN THREE MONTHS FROM DELIVERY.

Article 11 Installation and testing of the complete equipment:

THE SELLER SHALL BE RESPONSIBLE FOR THE INSTALLATION AND TESTING OF THE ANNULAR
FURNACE AND THE REHEATING FURNACE, AND PROVIDES INSTRUCTIONS FOR INSTALLING AND
TESTING OF THE OTHER EQUIPMENTS.

Article 12 Payment method, and the time and place for payment:

BUYER SHALL PAY 30% AS DOWN PAYMENT AT THE TIME OF PLACING THE ORDER; 40% AS
PROGRESS PAYMENT; 27% OF THE INVOICE TOTAL SHALL BE PAID PRIOR TO DELIVERY; 3%
AS QUALITY ASSURANCE PAYMENT, WHICH WILL BE SETTLED WITHIN ONE YEAR AFTER THE
INSTALLATION AND TESTING IS SUCCESSFUL.

Article 13 Mode of guarantee(or by separate guarantee contract): N/A

Article 14 Conditions for termination of this Contract:

THIS CONTRACT CAN ONLY BE TERMINATED IN THE EVENT OF FORCE MAJEURE.

Article 15 Responsibilities of the Breaching Party:

THE BREACHING PARTY SHALL COMPENSATE THE NON-BREACHING PARTY TO THE EXTEND OF
80% OF THE DAMAGE OR LOSSES INCURRED.

                                                                   EXHIBIT 10.33
                                                             English Translation
                                                              For Reference Only

Article 16 Dispute resolution:Any disputes arising during the performance of
this Contract shall be resolved by both parties through negotiation, or through
mediation by local industrial and commercial administration bureau. If neither
the negotiation nor the mediation is successful, both parties agree to resolve
the disputes by the following methods (Note: If method no.2 & 3 are
adopted ,either of them can be adopted; otherwise, only method no.1 can be
adopted)

      1. submit to WUXI ARBITRATION COMMISSION for arbitration;

      2. submit to N/A for arbitration;

      3. bring law proceedings before the N/A People's court in accordance with
         the law.

Article 17 This Contract shall become effective from THE DATE WHEN IT IS SIGNED
AND SEALED BY BOTH PARTIES.

Article 18  Others:

SCHEDULES 1, 2, 3, 4 & 5 OF THIS CONTRACT AND THE DESIGN SPECIFICATIONS FORM AN
INTEGRAL PART OF THIS CONTRACT AND HAVE THE SAME LEGAL BINDING EFFECT AS THIS
CONTRACT.

----------------------------------------------------------------------------------------------------------
           Seller                                Buyer                    Notarization opinion:
      (company seal)                       (company seal)

Address:                           Address:

Legal Representative: /s/          Legal Representative: /s/             [BLANK]

Authorized Representative:         Authorized Representative:

Telephone number:                  Telephone number:

Fax:                               Fax:

Principal bank:                    Principal bank:                        Notarization authority (seal)

Account number:                    Account number:                        Executed by:

postal code:                       postal code:
                                                                          Date:
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Supervisory department: Wuxi Industry and Commerce   Printing: Wuxi Wangzhuang Trademark Printing
Administration of Jiangsu Province                   Factory
----------------------------------------------------------------------------------------------------------

                                                                   EXHIBIT 10.33
                                                             English Translation
                                                              For Reference Only

SCHEDULE 1 - TECHNICAL SCHEDULES

SCHEDULE 2 - SCOPE OF SUPPLY AND LIST OF EQUIPMENT

SCHEDULE 3 - TECHNICAL SCHEDULES

SCHEDULE 4 - SCHEDULE FOR FACTORY CONSTRUCTION AND DESIGN CONTRACT

SCHEDULE 5 - SCOPE OF SUPPLY

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