Annual report pursuant to Section 13 and 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

12 Months Ended

Dec. 31, 2016

PLANT, PIPELINE AND EQUIPMENT [Abstract]

NOTE 9 – PLANT, PIPELINE AND EQUIPMENT

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

	2016			2015
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		5,376			4,577
Plant, pipeline and equipment		154,107			128,302
Construction in progress		33,391			8,980
Total plant, pipeline and equipment		194,486			143,471
Less accumulated depreciation		(54,477	)		(46,564	)
Net plant, pipeline and equipment	$	140,009		$	96,907

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 2016 and 2015 was approximately $450,000 and $141,000, respectively. Interest capitalized for 2014 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was approximately $98,000, $84,000 and $84,000 for 2016, 2015 and 2014, respectively.