Quarterly report pursuant to Section 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

6 Months Ended

Jun. 30, 2014

PLANT, PIPELINE AND EQUIPMENT [Abstract]

5. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment at June 30, 2014, and December 31, 2013, consisted of the following:

	June 30, 2014			December 31, 2013
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		1,577			1,577
Plant, pipeline and equipment		73,458			71,115
Construction in progress		2,606			824
Total plant, pipeline and equipment		79,253			75,128
Less accumulated depreciation and amortization		(36,031	)		(33,203	)
Net plant, pipeline and equipment	$	43,222		$	41,925

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 2014 included preparation for the D-Train expansion, construction of additional warehousing, installation of additional truck loading stations, and various other improvements facility-wide.

Amortization relating to the platinum catalyst which is included in cost of sales was $21,068, $3,184, $42,135 and $6,368 for the three and six months ended June 30, 2014, and 2013, respectively.