Quarterly report pursuant to sections 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

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PLANT, PIPELINE AND EQUIPMENT
6 Months Ended
Jun. 30, 2012
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
5. PLANT, PIPELINE AND EQUIPMENT

 
Plant, pipeline and equipment at June 30, 2012, and December 31, 2011, consisted of the following:

   
June 30, 2012
   
December 31, 2011
 
   
(thousands of dollars)
 
Platinum catalyst
  $ 1,497     $ 1,497  
Land
    1,575       1,422  
Plant, pipeline and equipment
    59,170       57,215  
Construction in progress
    1,567       490  
Total plant, pipeline and equipment
    63,809       60,624  
  Less accumulated depreciation and amortization
    (25,884 )     (23,672 )
Net plant, pipeline and equipment
  $ 37,925     $ 36,952  

Plant, pipeline, and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 7).

Construction in progress during the first six months of 2012 included installation of tankage, reworking an existing tower, and preliminary pipeline upgrades.

Amortization relating to the platinum catalyst which is included in cost of sales was $3,184, $3,280, 6,368 and $6,561 for the three and six months ended June 30, 2012, and 2011, respectively.