Annual report pursuant to section 13 and 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

PLANT, PIPELINE AND EQUIPMENT [Abstract]

NOTE 8 – PLANT, PIPELINE AND EQUIPMENT

	December 31,
	2012			2011
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,497
Land		1,577			1,422
Plant, pipeline and equipment		64,356			57,215
Construction in progress		937			490
Total plant, pipeline and equipment		68,482			60,624
Less accumulated depreciation		(28,062	)		(23,672	)
Net plant, pipeline and equipment	$	40,420		$	36,952

Plant, pipeline and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 11).

Interest capitalized for construction for 2012, 2011 and 2010 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $19,268, $12,736 and $12,736 for 2012, 2011 and 2010, 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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