PLANT, PIPELINE AND EQUIPMENT

12 Months Ended

Dec. 31, 2015

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:

	2015			2014
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		4,577			4,577
Plant, pipeline and equipment		128,302			95,351
Construction in progress		8,980			11,590
Total plant, pipeline and equipment		143,471			113,130
Less accumulated depreciation		(46,564	)		(39,319	)
Net plant, pipeline and equipment	$	96,907		$	73,811

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 2015 was approximately $141,000.  Interest capitalized for 2014 and 2013 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, $84,269 and $38,232 for 2015, 2014 and 2013, respectively.