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INVESTMENT IN AMAK (Tables)
 6 Months Ended
Jun. 30, 2017
INVESTMENT IN AMAK [Abstract]  
Summarized Results of Operation and Financial Position for AMAK
The summarized results of operation and financial position for AMAK are as follows:
 
Results of Operations

  
Three Months Ended June 30,
  
Six Months Ended June 30,
 
  
2017
  
2016
  
2017
  
2016
 
  
(Thousands of Dollars)
 
Sales
 
$
-
  
$
610
  
$
2,256
  
$
9,602
 
Gross loss
  
(8,901
)
  
(3,000
)
  
(10,207
)
  
(2,809
)
General, administrative and other expenses
  
1,971
   
2,361
   
4,559
   
4,509
 
Loss from operations
 
$
(10,872
)
 
$
(5,361
)
 
$
(14,766
)
 
$
(7,318
)
Gain on settlements with former operator
  
-
   
1,200
   
-
   
17,426
 
Net income (loss)
 
$
(10,872
)
 
$
(4,161
)
 
$
(14,766
)
 
$
10,108
 
Equity in Income or Loss of AMAK Reflected on Consolidated Statements
Therefore, net income before depreciation and amortization was as follows:
 
  
Three Months Ended June 30,
  
Six Months Ended June 30,
 
  
2017
  
2016
  
2017
  
2016
 
  
(Thousands of Dollars)
 
Net income (loss) before depreciation and amortization
 
$
(3,263
)
 
$
(1,772
)
 
$
(4,102
)
 
$
15,206
 

Financial Position

  
June 30,
  
December 31,
 
  
2017
  
2016
 
  
(Thousands of Dollars)
 
Current assets
 
$
16,113
  
$
22,860
 
Noncurrent assets
  
253,233
   
251,741
 
Total assets
 
$
269,346
  
$
274,601
 
         
Current liabilities
 
$
16,609
  
$
8,005
 
Long term liabilities
  
83,454
   
82,546
 
Shareholders' equity
  
169,283
   
184,050
 
  
$
269,346
  
$
274,601
 

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and six months ended June 30, 2017, and 2016, is comprised of the following:

  
Three months ended
June 30,
  
Six months ended
June 30,
 
  
2017
  
2016
  
2017
  
2016
 
  
(Thousands of Dollars)
 
AMAK Net Income (Loss)
 
$
(10,872
)
 
$
(4,161
)
 
$
(14,766
)
 
$
10,108
 
Zakat tax applicable to Saudi Arabian shareholders only
  
-
   
320
   
-
   
320
 
AMAK Net Income (Loss) before Saudi Arabian shareholders' portion of Zakat
 
$
(10,872
)
 
$
(3,841
)
 
$
(14,766
)
 
$
10,428
 
                 
Company's share of income (loss) reported by AMAK
 
$
(3,635
)
 
$
(1,354
)
 
$
(4,938
)
 
$
3,676
 
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK
  
337
   
337
   
674
   
674
 
Equity in earnings (loss) of AMAK
 
$
(3,298
)
 
$
(1,017
)
 
$
(4,264
)
 
$
4,350