Quarterly report pursuant to Section 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

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PLANT, PIPELINE AND EQUIPMENT
9 Months Ended
Sep. 30, 2014
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
5. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment consisted of the following:

   
September 30, 2014
   
December 31, 2013
 
   
(thousands of dollars)
 
Platinum catalyst
 
$
1,612
   
$
1,612
 
Land
   
1,577
     
1,577
 
Plant, pipeline and equipment
   
74,021
     
71,115
 
Construction in progress
   
6,467
     
824
 
Total plant, pipeline and equipment
   
83,677
     
75,128
 
Less accumulated depreciation and amortization
   
(37,426
)
   
(33,203
)
Net plant, pipeline and equipment
 
$
46,251
   
$
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 nine 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 $21,067, $9,558, $63,202 and $28,674 for the three and nine months ended September 30, 2014, and 2013, respectively.