(Archived) Praxair Signs Long Term Helium Purchase Agreement
DANBURY, Conn., September 8, 2015 - Praxair, Inc. (NYSE: PX), a global leader in the production and supply of helium, announced today that it has taken another step in enhancing its helium supply portfolio by signing a long-term agreement for the purchase of helium from Nacogdoches Oil & Gas (NOG). NOG operates a helium-bearing gas field in Apache County, Arizona, and will supply up to 100 million scf per year of helium under the agreement, with the potential for further expansion.
“Developing this gas field with NOG demonstrates Praxair’s commitment to expanding and diversifying our helium supply so we can continue to reliably meet our customers’ growing demand for helium,” said Amer Akhras, general manager, Global Helium and Rare Gases at Praxair.
This unique field produces a gas made almost entirely of helium and nitrogen. Because helium is the primary product, this source provides Praxair with unique flexibility to respond to market conditions.
"After a comprehensive search, it became clear that Praxair was the right long-term partner to help develop this unique helium resource given their strong infrastructure and leadership in the helium industry,” said NOG President Taylor Mathews.
Praxair’s leadership dates back to 1917, the year it developed the first plant for extracting helium from natural gas. Today, Praxair is a fully integrated and global leader in the production and distribution of helium, with numerous operations throughout the world. Helium is used in many applications, including magnetic resonance imaging (MRI), fiber optic and semiconductor manufacturing, breathing atmospheres, lifting for blimps and balloons, automobile airbags and leak detection.
Praxair, Inc., a Fortune 250 company with 2014 sales of $12.3 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, primary metals and many others. More information about Praxair, Inc. is available at www.praxair.com.