Annual report pursuant to section 13 and 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2013
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 18 – RELATED PARTY TRANSACTIONS

Legal fees in the amount of $160,000, $237,000, and $270,000 were incurred during 2013, 2012, and 2011, respectively to the law firm of Germer Gertz, PLLC of which Charles Goehringer is a minority partner.  Mr. Goehringer acts as corporate counsel for the Company and in November 2007 was appointed to the Board of Directors.  Mr. Goehringer chose not to stand for re-election at the 2011 Annual Meeting; therefore, his term expired in June 2011.  At December 31, 2013, and 2012, we had an outstanding liability payable to Germer Gertz, PLLC of approximately $4,000 and $15,000, respectively.

Ghazi Sultan, a Company director, was paid $138,000, $138,000 and $110,000 during 2013, 2012 and 2011, respectively for serving in the capacity of representing the Company in the Kingdom of Saudi Arabia.

Consulting fees of approximately $98,000, $0 and $0 were incurred during 2013, 2012, and 2011, respectively from IHS Global FZ LLC of which Company Director Gary K. Adams holds the position of Chief Advisor – Chemicals.  At December 31, 2013, and 2012, we had an outstanding liability payable to IHS Global FZ LLC of approximately $0     and $0, respectively.