PLANT, PIPELINE AND EQUIPMENT

3 Months Ended

Mar. 31, 2013

PLANT, PIPELINE AND EQUIPMENT [Abstract]

7. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment at March 31, 2013, and December 31, 2012, consisted of the following:

	March 31, 2013			December 31, 2012
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		1,577			1,577
Plant, pipeline and equipment		65,298			64,356
Construction in progress		1,484			937
Total plant, pipeline and equipment		69,971			68,482
Less accumulated depreciation and amortization		(29,283	)		(28,062	)
Plant, pipeline and equipment, net	$	40,688		$	40,420

Plant, pipeline, and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 9).

Construction in progress during the first three months of 2013 included installation of tankage, reworking existing towers and treaters, and upgrading and expanding the rail loading facility.

Amortization relating to the platinum catalyst which is included in cost of sales was $9,558 and $3,184 for the three months ended March 31, 2013, and 2012, 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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