ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC Notes to the interim condensed consolidated financial statements for the three-month period ended 31 March 2024 (continued) 8. Trade receivables and other current assets (continued) Movement in the allowance for expected credit losses is as follows: 31 March 2024 31 December 2023 (unaudited) (audited) AED’000 AED’000 Opening balance 90,264 66,013 Charge for the period/year 15,443 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 (2,827) (5,925) Exchange differences (175) (115) Closing balance 91,552 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: 31 March 2024 31 December 2023 (unaudited) (audited) AED’000 AED’000 Due from related parties ADNOC Drilling 297,852 242,981 ADNOC Logistics and Services 244,156 228,480 Abu Dhabi National Oil Company (ADNOC) 195,258 131,972 ADNOC Onshore 63,903 78,157 ADNOC Offshore 26,652 24,205 ADNOC Gas Processing 13,408 15,352 ADNOC Sour Gas 4,024 5,095 ADNOC others 31,467 33,412 TotalEnergies & its affiliates 43,164 45,904 919,884 805,558 Due to related parties Abu Dhabi National Oil Company (ADNOC) 4,787,695 4,611,600 ADNOC Logistics and Services 2,524 305 ADNOC others 31 - TotalEnergies & its affiliates 181,557 215,726 4,971,807 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 3,409,320 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