RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2013
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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.
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