Jaarverslag 2014

Both of these bank loans are being repaid through 60 monthly installments of principal and interest after the date
of drawdown. In addition, the Company has a working capital financing line of credit facility from First Caribbean
International Bank with a limit of US$ 5 million. Interest is charged on the outstanding balance at current effective
rate of 4.5% per annum. As at December 31, 2014, borrowings of Ventrin Petroleum Company Limited amounted to
US$ 3,668,200 (2013: US$ 6,322,770).
The above bank facilities are secured by:
1) The transfer and assignment of an existing Registered 1 st Legal Demand Debenture (previously in favour of
RBTT Bank Limited), stamped to cover an additional amount of TT$ 2,700,000, over the following:
‐ Deed of Transfer/Assignment dated 23 October 2002, registered as #DE200202665770D001 between
Scotiabank Trinidad and Tobago Limited and RBTT Bank Limited, over the 1 st Legal Demand Debenture
#DE200102146410D001.
‐ First Legal Demand Debenture in the amount of TT$ 30,939,300 dated 22 August 2001, registered
#DE200102146410D001, over the fixed and floating assets of Ventrin Petroleum Company Limited in favour of
Scotiabank Trinidad and Tobago Limited, presently stamped to cover TT$ 30,939,300.
2) Corporate Parent Guarantee of Staatsolie Maatschappij Suriname N.V. supported by a US$ 7,500,000 Stand‐By Letter
of Credit issued by their bankers, FirstCaribbean Curacao, in favour of FirstCaribbean Trinidad & Tobago to be held
for the duration of the facility.
3) Assignment of Terminal Operators Package Insurance all Risks and Business Interruption Policy #PP1408085 and
Marine Cargo Insurance Policy #MA140 2026 in favour of the bank.
20 Provision for dismantlement and abandonment
Provision for dismantlement and abandonment comprises the following:
2014 2013
Production field in 2014: 1,669 wells (2013: 1,550 wells) 91,941 82,277
Production facilities: Saramacca and pipeline to TLF 8,741 8,036
Refinery and pipeline to Paranam 7,064 6,590
Power plant 1,718 1,109
109,464 98,012
21 Provision for pensions and other postretirement benefits
2014 2013
Unfunded accrued pension benefits, insured pension plan 526 580
Unfunded accrued pension benefits, health care plan 12,244 11,982
12,770 12,562
www.staatsolie.com
53