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, 2014
PLANT, PIPELINE AND EQUIPMENT [Abstract]  
PLANT, PIPELINE AND EQUIPMENT
NOTE 8 – PLANT, PIPELINE AND EQUIPMENT

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

   
2014
   
2013
 
   
(thousands of dollars)
 
Platinum catalyst
  $ 1,612     $ 1,612  
Land
    4,577       1,577  
Plant, pipeline and equipment
    95,351       71,115  
Construction in progress
    11,590       824  
Total plant, pipeline and equipment
    113,130       75,128  
    Less accumulated depreciation
    (39,319 )     (33,203 )
Net plant, pipeline and equipment
  $ 73,811     $ 41,925  

Plant, pipeline and equipment serve as collateral for our amended and restated loan agreement with a domestic bank (see Note 12).

Interest capitalized for construction for 2014, 2013 and 2012 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $84,269, $38,232 and $19,268 for 2014, 2013 and 2012, respectively.