Annual report pursuant to section 13 and 15(d)

PLANT, PIPELINE AND EQUIPMENT

v2.4.0.8
PLANT, PIPELINE AND EQUIPMENT
12 Months Ended
Dec. 31, 2013
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
 
NOTE 7 – PLANT, PIPELINE AND EQUIPMENT

   
2013
   
2012
 
   
(thousands of dollars)
 
Platinum catalyst
  $ 1,612     $ 1,612  
Land
    1,577       1,577  
Plant, pipeline and equipment
    71,115       64,356  
Construction in progress
    824       937  
Total plant, pipeline and equipment
    75,128       68,482  
    Less accumulated depreciation
    (33,203 )     (28,062 )
Net plant, pipeline and equipment
  $ 41,925     $ 40,420  

Plant, pipeline and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 10).

Interest capitalized for construction for 2013, 2012 and 2011 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $38,232, $19,268 and $12,736 for 2013, 2012 and 2011, respectively.