JOINT TECHNOLOGY

                              DEVELOPMENT AGREEMENT



This contract is entered into on 23 September, 2002   between



EUROTECH, LTD., 10306 EATON PLACE, STE.220, FAIRFAX, VA 22030, USA (hereinafter

"EUROTECH" or "PARTY/PARTIES"), a company registered in the District of

Columbia, United States of America



and



LOGSTOR ROR A/S, DANMARKSVEJ 11, DK-9670 LOGSTOR, DENMARK

(hereinafter "LR" or "PARTY/PARTIES")



Whereas, EUROTECH has developed certain materials which the Parties believe may

be useful for foam insulation of pipes, and EUROTECH has applied for patent

protection thereon; and



Whereas LR and EUROTECH desire to further develop EUROTECH's material for this

market, all other markets for this material being exclusively reserved to

EUROTECH, unless otherwise agreed in writing by both parties in the future; and



Whereas EUROTECH is willing to forego any opportunity during the term of this

agreement to pursue business relationships with third parties in the area of

interest to LR, on the terms indicated below;



Now, therefore, the Parties agree as follows:



ARTICLE 1.        GENERAL



1.1.              The purpose of this Agreement is to establish and clearly

                  define the business relationship between EUROTECH and LR. Upon

                  entering into this Agreement both Parties intend to use their

                  best endeavours to develop polyurethane foam free from

                  isocyanates for foam insulation for preinsulated pipe systems.



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1.2.              Each Party hereto is an independent contractor and is not an

                  agent for, partner or joint venture with the other Party. The

                  rights and obligations of both Parties shall be only those

                  expressly set forth herein. Neither Party shall have the

                  authority to bind the other except to the extent authorised

                  herein. Neither Party shall act as an agent for or



                  representative of the other, and the employees of one shall

                  not be deemed to be employees of the other. No relationship

                  other than that created by and set forth in this Agreement

                  shall be established by any reference to the Parties as

                  working for each other.



ARTICLE 2.        ASSIGNMENT



2.1.              The obligations, interests or rights of either party herein

                  shall not be assignable without prior written consent of the

                  other Party, which will not be unreasonably withheld. However,

                  in the event that either Party assigns or otherwise thereon

                  transfers the entire business relating to the subject matter

                  of this Agreement to a third party, this Agreement shall

                  automatically be assigned to that third party.



ARTICLE 3.        INTERPRETATION



3.1.              No heading, index, title, subtitle, subheading, marginal note,

                  singular or plural of this Agreement shall limit, alter or

                  affect the meaning of an operation of this Agreement.



3.2.              In case of conflict or inconsistency between this Agreement

                  and any other document (e.g. foam agreement of 18 June 2001)

                  this Agreement shall prevail.



3.3.              All correspondence and documentation shall be in the English

                  language only and in writing, which shall be addressed between

                  the Parties. This Agreement and the Parties relationships

                  shall be conducted in the English language only.



3.4.              Conventional polyurethane based foams are formed by reacting

                  polyols and isocyanates. HNIPU based foam requires use of

                  cyclocarbonates and primary amines. The terms "HNIPU foam

                  binder" and "HNIPU binder" as used in this Agreement,

                  specifically Articles 6.3, 7.5 and 7.6, in the context of the

                  constituents of HNIPU and HNIPU based foam refer to a two part

                  mixture. These two parts, when mixed in the proper ratio and

                  manner, react to form HNIPU foam.



ARTICLE 4.        AGREEMENT TERM



4.1.              This Agreement shall expire on the later of (1) the expiration

                  of the last of the patents hereunder to expire, (2) the end of

                  the confidentiality period in Article 13.3.



ARTICLE 5.        TERMINATION; EARLY TERMINATION



5.1.              This agreement shall expire as set forth in Article 4.1

                  provided however that it may be terminated earlier as follows:



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                  5.1.1  For cause by either Party.

                  5.1.2 After two (2) years from the date first written above by

                  LR or EUROTECH.

                  5.1.3 In the event of bankruptcy of either Party, unless cured

                  within thirty (30) days of such bankruptcy.

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