Annual report pursuant to Section 13 and 15(d)

PLANT, PIPELINE AND EQUIPMENT

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PLANT, PIPELINE AND EQUIPMENT
 12 Months Ended
Dec. 31, 2017
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
NOTE 9 – PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment include the following at December 31:

   
2017
    
2016
  
   
(thousands of dollars)
  
Platinum catalyst
  
$
1,612
    
$
1,612
  
Land
    
5,428
      
5,376
  
Plant, pipeline and equipment
    
186,946
      
154,107
  
Construction in progress
    
50,996
      
33,391
  
Total plant, pipeline and equipment
    
244,982
      
194,486
  
    Less accumulated depreciation
    
(63,240
)
    
(54,477
)
Net plant, pipeline and equipment
  
$
181,742
    
$
140,009
  

Plant, pipeline and equipment serve as collateral for our amended and restated loan agreement with a domestic bank (see Note 13).

Interest capitalized for construction for 2017, 2016 and 2015 was approximately $937,000, $450,000 and $141,000, respectively.

Labor capitalized for construction for 2017, 2016 and 2015 was approximately $4,344,000, $2,889,000 and $3,803,000, respectively.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was approximately $25,000, $98,000 and $84,000 for 2017, 2016 and 2015, respectively.