KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
F-155
26.
RELATED PARTY TRANACTIONS (CONTINUED)
The other related party transactions and balances included in the Group’s consolidated financial statements
are as follows:
a) Compensation of key management personnel:
Key management personnel are considered to be the Board of Directors of the Company and, prior to
the restructuring described in note 1, Kuwait Energy K.S.S.C. and other members of the management
team
The remuneration of key management personnel during the year was as follows:
2011
2010
USD 000’s
USD 000’s
Salaries and other short-term benefits
1,938
2,187
Termination benefits
102
40
Share-based payments
240
249
2,280
2,476
57.
SUBSIDIARY COMPANIES
The principal subsidiaries of the Company are as follows:
Company’s name
Ownership %
Country of
incorporation
Country
of
operations
Type of
activity
2011
2010
KEC (Egypt) Ltd
100
100
British Virgin
Islands
Egypt
Exploration /
development/
production
Kuwait Energy Egypt Ltd
100
100
British Virgin
Islands
Egypt
Exploration /
development/
production
KEC (Eastern Desert)
Petroleum Services SAE
100
100
Egypt
Egypt
Exploration /
development/
production
Kuwait Energy Yemen Ltd
100
100
British Virgin
Islands
Yemen
Exploration /
development/
production
Kuwait Energy Iraq
Limited
100
100
British Virgin
Islands
Iraq
Exploration /
development/
production
Kuwait Netherlands
Cooperative
100
100
Netherlands
Ukraine/
Latvia/
Russia
Holding
Company
Rudis Drilling Company
100
100
Ukraine
Ukraine
Exploration/
Production
Pechora Energy Company
100
100
Russia
Russia
Exploration/
Production
Kuwait Energy Pakistan
Ltd
100
100
British Virgin
Islands
Pakistan
Exploration
