PLANT, PIPELINE AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

PLANT, PIPELINE AND EQUIPMENT [Abstract]

NOTE 7 – PLANT, PIPELINE AND EQUIPMENT

	2013			2012
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		1,577			1,577
Plant, pipeline and equipment		71,115			64,356
Construction in progress		824			937
Total plant, pipeline and equipment		75,128			68,482
Less accumulated depreciation		(33,203	)		(28,062	)
Net plant, pipeline and equipment	$	41,925		$	40,420

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 2013, 2012 and 2011 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $38,232, $19,268 and $12,736 for 2013, 2012 and 2011, 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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