As a longtime participant in the Federal Helium Program, Praxair (NYSE:PX) today called on Congress to extend funding to the critical, revenue-positive program through Fiscal Year 2014. Funding for the Federal Helium Program run by the U.S. Department of the Interior’s Bureau of Land Management (BLM) is set to expire on October 7, 2013, which will force the suspension of operations at the Federal Helium Reserve and restrict market access to nearly 30% of the world’s helium supply.
Authorities at the BLM issued notification to helium refiners and others who have contracts related to the Reserve, including Praxair, that without an appropriation by the end of September 2013, they will begin the process of shutting down Reserve operations. The BLM estimates that a shuttered Federal Helium Reserve will cost the American taxpayer as much as $500,000 per day in lost revenue and incurred expense, which is a tiny fraction of the impact it will have on the U.S. and global economies.
“The continued operation of the Federal Helium Reserve has substantial implications for the global helium market and for the medical, electronics and automotive industries whose applications such as MRIs, fiber optics and airbags depend on a reliable supply of helium,” said Dr. Amer Akhras, general manager, Helium and Rare Gases, Praxair, Inc.
Praxair has actively worked with longtime partners at the BLM and with Congress to preempt any potential shutdown. While supportive of efforts taken by the House and the Senate to identify efficient and appropriate opportunities to continue the program, the significant differences in their approaches make a legislative solution unlikely before the BLM’s deadline at the end of September.
“An appropriation is now an absolute necessity in order to avoid global market disruption, assure continued access to helium, and ensure that the current, revenue-positive program continues to meet American industry and taxpayer needs,” continued Akhras.
Praxair’s strong commitment to the development of a reliable helium supply chain is demonstrated by its investments of approximately $500 million in plants and equipment required to access, process, refine, and deliver to market helium sourced from the Federal Reserve operated by the BLM. Additionally, Praxair owns helium currently held in the Reserve and has contracts with the Federal government for storage in the Reserve through Fiscal Year 2015.
Praxair, Inc., a Fortune 250 company with 2012 sales of $11 billion, is the largest industrial gases company in North and South America and one of the largest worldwide. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and many others. More information about Praxair, Inc. is available at www.praxair.com.
|DWS High Income Opportunities Fund, Inc. Announces Extension of Share Repurchase Program ()|
|Windstream's RevChain Solutions Executes 3-Year Professional Services and Support Contract Extension With Empresa de Telecomunicaciones de Bogota (2014/1/7)|
|Praxair to Fund Welding Scholarships Through the American Welding Society Program and SkillsUSA Competition ()|
|AECOM awarded US$110-million USAID contract for South Sudan “Viable Support to Transition and Stability” program ()|
|Endo Health Solutions Inc. Announces Extension of Consent Date and Expiration Date in Exchange Offers and Consent Solicitations for its 7% Senior Notes due 2019, 7.00% Senior Notes due 2020 and 7-1/4% Senior Notes due 2022 (2014/4/11)|
|The Sallie Mae Fund Provides $19,000 to Support Boston Area Community Service and College Prep Programs ()|
|Endeavor IP, Inc.'s Subsidiary, Endeavor Energy, Inc.'s Patent Litigation Against Con Edison Solutions Included In The Federal Patent Pilot Program. ()|
|IR Announces Certified Design Partner Program to Support Demand for its Digital DC-DC Solutions (2014/1/9)|
|Advanced Cannabis Solutions Supports Landmark Federal Policy Statements ()|
|General Dynamics Awarded $12 Million to Support Federal Aviation Administration System Engineering 2020 Program (2013/9/30)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.