Quarterly report pursuant to sections 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

3 Months Ended

Mar. 31, 2012

PLANT, PIPELINE AND EQUIPMENT [Abstract]

5. PLANT, PIPELINE AND EQUIPMENT

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

	March 31, 2012			December 31, 2011
	(thousands of dollars)
Platinum catalyst	$	1,497		$	1,497
Land		1,575			1,422
Plant, pipeline and equipment		58,712			57,215
Construction in progress		592			490
Total plant, pipeline and equipment		62,376			60,624
Less accumulated depreciation and amortization		(24,747	)		(23,672	)
Net plant, pipeline and equipment	$	37,629		$	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 three 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 and $3,281 for the three months ended March 31, 2012, and 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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