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, 2011
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
NOTE 7 – PLANT, PIPELINE AND EQUIPMENT

   
December 31,
 
   
2011
   
2010
 
Platinum catalyst
  $ 1,497,285     $ 1,497,285  
Land
    1,422,462       727,363  
Plant, pipeline and equipment
    57,214,536       52,469,062  
Construction in progress
    489,810       10,000  
Total plant, pipeline and equipment
    60,624,093       54,703,710  
    Less accumulated depreciation
    (23,671,722 )     (20,839,442 )
Net plant, pipeline and equipment
  $ 36,952,371     $ 33,864,268  
 
Plant, pipeline and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 10).

Interest capitalized for construction for 2011, 2010 and 2009 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $12,736, $12,736 and $13,122 for 2011, 2010 and 2009, respectively.