Contract

CONTRACT No.: XY-11-090804-01 PetroChina Dalian Petrochemical Company and Dalian Xingyuan Marine Fuel Co., Ltd. Sales Contract of Furfural Extract Oil Place of Signing: No. 1 Shanzhong Street, Ganjingzi District, Dalian

Exhibit 10.17
 
CONTRACT No.: XY-11-090804-01
 
PetroChina Dalian Petrochemical Company and
 
Dalian Xingyuan Marine Fuel Co., Ltd.

Sales Contract of Furfural Extract Oil
 
Place of Signing: No. 1 Shanzhong Street, Ganjingzi District, Dalian
 

 
Party A (Buyer): Dalian Xingyuan Marine Fuel Co., Ltd.
Residence: Li Jaicun of Dalianwan
Business registration No.: 2102001105614
Legal representative: An Fengbin

Party B (Seller): PetroChina Dalian Petrochemical Company
Residence: No. 1 Shanzhong Street, Ganjingzi District, Dalian
Business registration No.: 2102001200986
Legal representative (principal): Jiang Fan

According to the Contract Law of the People's Republic of China and relevant laws and regulations, Party A and Party B has made an agreement to sign the principle of equality, mutual benefit and making compensation for equal value.

1.
Name of subject matter (hereinafter referred to as “oil product”): Furfural extract oil
   
2.
Quality standard: QJ/DSH751.34-2009
   
3.
Quantity: 2000 ton/month (based on actual settlement volume);
   
Extract oil: 3000 ton/month (based on actual delivering amount);
 
4.
Cost: Unit price of sales (including tax): The price basis is according to Sale Price Adjustment Approval Form of Self-run Products and the time of picking up the goods is on the basis of Note of PetroChina Dalian Petrochemical Company.
   
5.
Freight and miscellaneous charges are undertaken by Party A.
   
6.
Payment: Deliver the goods after receiving the payment.
   
7.
Deliver of oil products: Party A provides goods through the pipeline to Party B, and Party A is responsible for preparing well the oil tank in advance and contact the Measurement and Quality Inspection Center of Party B to make daily measurement and examination; the detailed delivery point is the flange outside the first valve of receiving tank of Party A, and the risks shall be transferred to Party A from Party B after the goods getting through the delivery point.
   
8.
Measurement and standard
   
8.1
It regards the measurement of Party B as the standard. Party B shall implement the measurement at the delivery place with the supervision of Party A; the applied measurement instruments shall get the qualified inspection of senior measurement technological institute, and in the effective period, the measurement personnel shall go on duty with the qualification certificate regulated by the state.
   
8.2
Party A shall guarantee that the oil discharge equipment of the discharge unit and bulk plant (store oil products) have legal qualification to discharge and store the oil products, and comply with the national standard of discharging, safety for storing the oil products equipment, quantity and quality.
   
9.
Acceptance
   
9.1
 
9.2
If Party A raises the disputes about the quantity and quality within the acceptance period (within three days after receiving the goods), Party A has obligation to keep well the oil products. If Party A doesn’t keep well the oil products, causing non-compliance of the quantity and quality when delivering to Party B, and Party A thus loses the right to claim indemnity.
 

 
9.3
If Party A raises the disputes about the quantity and quality within the acceptance period (within three days after receiving the goods), Party A has obligation to keep well the oil products. If Party A doesn’t keep well the oil products, causing non-compliance of the quantity and quality when delivering to Party B, and Party A thus loses the right to claim indemnity.
   
9.4
Within the acceptance period (within three days after goods arriving), if Party A thinks that the quality of the oil products cannot meet the agreed standard of the contact, Party A and Party B shall commonly choose the authorized inspection organ to examine the mothballed oil samples, and it shall regard the result of the inspection organ as the basis to confirm the quality of the oil products. If the result complies with the standard of contract, Party A shall bear the inspection fees and relevant fees. Otherwise, Party B shall bear the fees.
   
9.5
Party A shall discharge the oil products within five days after qualified acceptance. Party A shall bear the fees that exceed the regulated date.
   
10.
Alternation and termination of contract
   
10.1
Party A and Party B shall negotiate to alter or terminate the contract with the written form.
   
10.2
It can terminate the contract unilaterally with one of the following situations:
   
10.2.1
The contract purpose cannot be realized caused by force majeure.
   
10.2.2
Party A or Party B transfers part or entire rights and obligations to the third party without the written permission of the other party.
   
10.3
The settlement, clearing up and disputes resolving articles still take effect after terminating the contract.
   
10.4
The party who terminates the contract shall bear the obligations to notify the other party.
   
11.
Responsibility for breach the contract
   
11.1
Both parties shall negotiate if the oil product delivered by Party B cannot comply with the regulations of the contract.
   
11.2
If there are other breaching situations, the breaching party shall compensate the loss to the other party. Both parties shall bear the relevant responsibilities respectively if it is caused by their faults.
   
11.3
Party A shall pay 1%’s liquidated damages of the delayed payment for Party B if Party A doesn’t pay by the regulated terms.
   
12.
Force majeure
   
12.1
The party affected by the force majeure or either party shall not be held responsibilities for failure to perform all or any part of the contract due to fire, earthquake, typhoon and flood or any other unpredictable, inevitable and insurmountable events. However, the party affected by the force majeure shall inform the other party within 48 hours after occurrence, and provide the effective certification document to the other party within three days thereafter.
   
12.2
The party affected by the force majeure or either party has obligations to adopt measures to minimize the loss caused by force majeure.
 

 
13.
Disputes resolving
   
Both parties shall negotiate to resolve the disputes, and it shall lodge a complaint to the local People’s Court of Party if it fails to negotiate.
 
14.
Effect and others
   
14.1
The contract will take effect after signing and sealing or signing and sealing by fax.
   
14.2
Both parties hereto may supplement through negotiation matters not mentioned herein.
   
14.3
The contract is in duplicate with each party holding one (the fax of the document is effective).
   
14.4
Expiry date: From July 31, 2009 to December 31, 2009.
 
Party A (Buyer): Dalian Xingyuan Marine Fuel Co., Ltd.

Legal representative or authorized representative: (Seal)
 
Party B (Seller): PetroChina Dalian Petrochemical Company
 
Legal representative or authorized representative: (Seal)