ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC Notes to the interim condensed consolidated financial statements for the nine-month period ended 30 September 2024 (continued) 8. Trade receivables and other current assets (continued) Movement in the allowance for expected credit losses is as follows: 30 September 2024 31 December 2023 (unaudited) (audited) AED’000 AED’000 Balance at beginning of the period/year 90,264 66,013 Charge for the period/year 29,658 27,766 Recognised as part of business combination (note 19) - 2,525 Written-off during the period/year (11,153) - Recovery made during the period/year (13,413) (5,925) Exchange differences (938) (115) Closing balance 94,418 90,264 9. Related party balances and transactions Related parties represent the Parent Company and its subsidiaries, directors and key management personnel of the Group and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group’s management. Related party balances: 30 September 2024 31 December 2023 (unaudited) (audited) AED’000 AED’000 Due from related parties ADNOC Drilling 296,356 242,981 ADNOC Logistics and Services 344,825 228,480 Abu Dhabi National Oil Company (ADNOC) 188,338 131,972 ADNOC Onshore 97,936 78,157 ADNOC Offshore 27,493 24,205 ADNOC Gas Processing 14,023 15,352 ADNOC Sour Gas 3,070 5,095 ADNOC others 31,858 33,412 TotalEnergies & its affiliates 44,923 45,904 1,048,822 805,558 Due to related parties Abu Dhabi National Oil Company (ADNOC) 5,113,685 4,611,600 ADNOC Logistics and Services 11,163 305 ADNOC others 3,552 - TotalEnergies & its affiliates 29,924 215,726 5,158,324 4,827,631 The amounts due from related parties are against the provision of petroleum products and services. These balances are unsecured, bear no interest and have an average credit period of 30-60 days. The amounts due to related parties are outstanding against purchases of petroleum products, vessel hires and port charges and administrative charges. These balances are unsecured, bear no interest and are payable on demand. The Group has an amount of AED 3,314,089 thousand (31 December 2023: AED 2,872,237 thousand) held with banks in which the Government of Abu Dhabi has a significant or majority stake through different investment vehicles. The Group has a term loan from banks in which the Government of Abu Dhabi has a significant or majority stake through different investment vehicles amounting to AED 4,131,563 thousand (31 December 2023: AED 4,131,563 thousand). 16