Annual report pursuant to section 13 and 15(d)

PLANT, PIPELINE AND EQUIPMENT

v2.4.0.6
PLANT, PIPELINE AND EQUIPMENT
12 Months Ended
Dec. 31, 2012
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
NOTE 9 – PLANT, PIPELINE AND EQUIPMENT

   
December 31,
 
   
2012
   
2011
 
   
(thousands of dollars)
 
Platinum catalyst
  $ 1,612     $ 1,497  
Land
    1,577       1,422  
Plant, pipeline and equipment
    64,356       57,215  
Construction in progress
    937       490  
Total plant, pipeline and equipment
    68,482       60,624  
    Less accumulated depreciation
    (28,062 )     (23,672 )
Net plant, pipeline and equipment
  $ 40,420     $ 36,952  

Plant, pipeline and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 12).

Interest capitalized for construction for 2012, 2011 and 2010 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $19,268, $12,736 and $12,736 for 2012, 2011 and 2010, respectively.