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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
48
24.
LONG-TERM LOANS
As at 30 June
As at 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
Audited
Audited
Audited
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Non-current
Due to foreign banks
114,608
-
88,867
60,000
45,000
Current
Due to foreign banks
39,278
125,000
75,649
-
8,000
The details of the loans are as follows:
As at 30 June
As at 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
Audited
Audited
Audited
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
USD 165 million facility from
Deutsche Bank Syndicate that
bears a floating interest rate of
LIBOR plus 5% per annum.
103,886
110,000
104,516
60,000
-
USD 60 million facility from
Arab Bank that bears an interest
rate of LIBOR plus 5% per
annum.
50,000
-
60,000
-
-
USD 15 million facility from
Qatar First Bank that bears a
fixed interest rate of 7% per
annum
-
15,000
-
-
-
USD 35 million facility from
International
Finance
Corporation (“IFC”) that bears
an interest rate of LIBOR plus
3.64% to 4.01% per annum.
-
-
-
-
30,000
USD 15 million facility
financing from IFC that bears
an interest rate of 1.176% per
annum plus 5% earnings before
interest,
depreciation
and
amortisation arising on the
secured assets
-
-
-
-
15,000
The Loan from European Bank
for
Reconstruction
and
Development (“EBRD”) bears
an interest rate of LIBOR plus
6.5% per annum
-
-
-
-
8,000
153,886
125,000
164,516
60,000
53,000