Barrasso Calls for Oversight of Uranium Trader Following Former DOE Official Poneman Appointment

Press Release

Today, U.S. Senator John Barrasso (R-WY) sent a letter to Energy Secretary Moniz in response to the Department of Energy's (DOE) testimony at yesterday's hearing before the House Oversight and Government Reform Committee.

At the hearing, a DOE official indicated that DOE does not review uranium contracts involving the Traxys Group, a uranium commodities trader, which recently appointed former Deputy Secretary of Energy Daniel Poneman to its Board of Directors.

Since 2011, DOE has transferred roughly $900 million of publicly-owned uranium which has financially benefitted Traxys.

In the letter, Barrasso outlines how it is especially important that DOE examine these transactions now that Mr. Poneman has joined Traxys. DOE must ensure that these uranium transactions do not benefit Traxys at the expense of the American public.

"According to Traxys, the uranium that DOE transfers to Fluor B&W and which Fluor B&W then sells exclusively to Traxys has made Traxys "a top 10 supplier of uranium to the world market.' It is therefore deeply troubling that Traxys appointed to its Board Mr. Poneman who led DOE as it initiated the uranium transfers which have financially benefitted Traxys. For that reason, DOE must not turn a blind eye to the terms under which Traxys acquires this uranium. Instead, DOE should condition all future transfers of uranium to Fluor B&W on the requirement that Fluor B&W publicly disclose its contract(s) with Traxys. Only by fully disclosing the contract(s) will DOE be able to show that it puts the interests of the American public ahead of all others," Barrasso wrote.

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