Quarterly report pursuant to Section 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

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PLANT, PIPELINE AND EQUIPMENT
6 Months Ended
Jun. 30, 2015
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
5. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment consisted of the following:

   
June 30, 2015
   
December 31, 2014
 
   
(thousands of dollars)
 
Platinum catalyst
  $ 1,612     $ 1,612  
Land
    4,577       4,577  
Plant, pipeline and equipment
    97,576       95,351  
Construction in progress
    26,025       11,590  
Total plant, pipeline and equipment
    129,790       113,130  
  Less accumulated depreciation
    (43,138 )     (39,319 )
Net plant, pipeline and equipment
  $ 86,652     $ 73,811  

Plant, pipeline, and equipment serve as collateral for our amended and restated loan agreement. See Note 8.

Interest capitalized for construction was approximately $56,000 and $95,000 for the three and six months ended June 30, 2015.  No amounts were capitalized during 2014.

Construction in progress during the first six months of 2015 included petrochemical construction on the D Train expansion, purchase of additional manufacturing equipment such as towers and tanks, additions to the tank farm, upgrades to the electrical and flaring systems, and initial construction on the specialty wax hydrogenation project at TC.

Amortization relating to the platinum catalyst which is included in cost of sales was $21,067 for the three months and $42,135 for the six months ended June 30, 2015, and 2014.