EXHIBIT 10.17
SERVICE AGREEMENT
CONTRACT
(CRUDE OIL
MAQUILA)
In Santa Marta’s District, D.
T. C. H., Magdalena Department, on September 30 th of
2008, among the undersigned, FERMIN RAFAEL VEITÍA
MACHADO, of legal age and neighbor of this city, working in my
condition of legal representative of the society ODIN PETROIL
ZONA FRANCA LIMITADA SOCIEDAD UNIPERSONAL , (ODIN PETROIL ZF
LTDA U ), placed in Santa Marta, who, from now, will be
denominated THE CONTRACTOR on one hand, and for other
MAMORU SAITO , in representation of the society ODIN
PETROIL S. A., in his condition of president, properly
authorized, with main domicile in Santa Marta, identified with NIT
900142127-0, who, from now on, will be denominated THE
CONTRACTING PARTY , on the other side, the SERVICE AGREEMENT
CONTRACT (CRUDE OIL MAQUILA) has been celebrated, through which
ODIN PETROIL ZF LTDA U undertakes to provide the maquila
service of 16.000 crude oil barrels per month to ODIN PETROIL S.
A.
The service will be lent under the
following conditions:
|
|
1.
|
ODIN PETROIL ZF LTDA U
, by means of industrial maquila
service, is committed to carry out during 8 months, the process of
refinement of minimum 20.000 crude oil barrels per month provided
by ODIN PETROIL S. A., to obtain Petroleum derived
fuels.
|
|
|
2.
|
The crude oil characteristics
provided by ODIN PETROIL S. A. will be established regarding
each office, by ODIN PETROIL S.A laboratory, who will keep a
sample of each receipt and delivery for one week. To achieve the
deliveries and receipts chronogram among the last five days of the
month, ODIN PETROIL S. must sent a crude dispatch chronogram. Based
on this information ODIN PETROIL ZF LTDA U will give the
chronogram of petroleum derived products.
|
|
|
3.
|
ODIN PETROIL S. A.
will be able to use the finished
products stored at ODIN PETROIL ZF LTDA U facilities during the
term of this contact and without gen
|
