Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE D - PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment as of December 31, 2023 and December 31, 2022 are as follows:
(in thousands) December 31, 2023 December 31, 2022
Land $ 7,856  $ 7,856 
Office equipment 776  658 
Buildings 2,857  2,684 
Refinery and industrial equipment 90,314  89,447 
Transportation equipment 469  469 
Construction in process 952,991  452,735 
Construction period interest 217,152  95,796 
Total cost $ 1,272,415  $ 649,645 
Less accumulated depreciation (2,228) (1,112)
Property, plant and equipment, net $ 1,270,187  $ 648,533 
Depreciation expense for property and equipment was approximately $1.0 million and $0.9 million for the years ended December 31, 2023 and December 31, 2022, respectively. During the years ended December 31, 2023 and December 31, 2022, interest of $121.4 million and $55.6 million, respectively, capitalized and included in property, plant and equipment, net. The Company has recognized a total of $217.2 million of capitalized interest during the construction of the Facility.