Bahri Annual Report-2011

Financial Statements Report 2011

Notes To The Consolidated Financial Statements For the year ended December 31, 2011 (In Thousands Saudi Riyals)

20. RELATED PARTY MATTERS

During the year, the Company transacted with the following related parties. The terms of those transactions are similar to ordinary transactions.

Name

Relationship

International Shipping and Transportation Co. Ltd. (ISTC)

Affiliate

NCC Odfjell Chemical Tankers JLT

Affiliate

a- Related party transactions Significant transactions with related parties in the ordinary course of business included

in the consolidated financial statements are summarized below:

2011

2010

281,554

185,068

Operating revenue

2,175

1,080

Pool technical expenses incurred

161

135

Insurance expenses incurred

b- Related party balances Significant year end balances arising from transactions with related parties are as follows:

Receivable from related parties

2011

2010

15,935

16,291

ISTC

35,119

5,946

NCC Odfjell Chemical Tankers JLT

51,054

22,237

Payable to related parties

2011

2010

ISTC

5,200

1,886

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NCC Odfjell Chemical Tankers JLT

3,207

5,200

5,093

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