Letter of Undertaking

Date:

To: China Construction Bank (Asia) Corporation Limited (the “Bank”)

28/F, CCB Tower,

3 Connaught Road Central,
Central, Hong Kong

Dear Sirs,

We refer to an uncommitted general banking facilities of up to US$90,000,000.- (the “Facilities”) to be

granted by the Bank to Hong Kong Hengfeng Oil Trade Co., Limited, a company incorporated under the
laws of Hong Kong with company no. 1273317 (the “Borrower”) for supporting the Borrower’s general
trade finance requirements, including but not limited to purchase crude oil, chemicals goods, fuel oil
products and/or other commodities acceptable to the Bank from time to time (the “Goods”) on the terms
and conditions contained in a facility letter (as may be amended, supplemented, appended to or replaced
from time to time, the “Facility Letter”).

We confirm that we are aware of the terms and conditions of the Facility Letter and we hereby undertake
that, throughout the life of the Facilities and/or so long as any amount is outstanding to the Borrower
under the Facility Letter:

- we shall maintain, directly or indirectly, 100% of the issued share capital of the Borrower;

- we shall facilitate the Borrower to be operated and maintained in such a way, and we shall
continue to provide managerial, technical and financial assistance to the Borrower, to ensure it is
in a position to meet its financial and other contractual obligations from time to time to the Bank
under the Facility Letter;

- we shall deliver to the Bank a certified copy of our annual audited (and consolidated, if any)
financial statements within 270 days from the end of each of its financial years; and our unaudited
(and consolidated, if any) financial statements for that financial half year within 150 days of the
relevant half-year of each of our financial years;

- we shall not take any action which will result in the Borrower being unable to carry on its
business or otherwise being unable to meet all its obligations from time to time to the Bank and
hereby undertake to advise the Bank forthwith of any circumstances which may affect the
continuing operation of the Borrower;

1
 - we shall forthwith purchase all the Goods covered under all letters of credit issued by the Bank
under the Facilities without discount, deduction, set-off, withholding or counterclaim, whether
arising from dispute over quality or otherwise in the event that the Borrower fails to receive
relevant export letter of credit under the Facilities or relevant sales proceeds from such
transaction;

- we shall immediately to effect full payment in full and in freely transferable currencies acceptable
to the Bank (including but not limited to United Stated Dollars) or to arrange issuance of an
export letter of credit acceptable to the Bank for the purchase of all the underlying Goods within
two (2) working days upon our receipts of the Bank’s written demand in respect of the Goods.
We shall conduct all filings/registrations as requested by any Governmental Agency of the
People’s Republic of China (“PRC”) within the deadline (if any) as stipulated by such
Governmental Agency of the PRC. "Governmental Agency" means any government or any
governmental agency, semi-governmental or judicial entity or authority (including, without
limitation, any stock exchange or any self-regulatory organisation established under statute);

- we ensure to have all necessary consents and have authority to import the Goods.

This Letter of Undertaking is governed by and shall be constructed in accordance with the laws of the
Hong Kong Special Administrative Region of the PRC.

For and on behalf of

山东东明石化集团有限公司
(Shandong Dongming Petrochemical Group Co., Ltd)

________________________________

Authorised Signature(s) and Company Chop