Fountainhead Development

Tim Ellis/KUAC

The Interior Gas Utility’s board of directors approved a nearly $60 million deal Tuesday to buy Pentex Alaska and its natural gas processing, storage and transportation assets. The board’s vote is the first step toward the IGU’s $346 million plan to buy and build a gas utility for the Fairbanks area. The deal now awaits final approval by the Alaska Industrial Development and Export Authority’s board of directors.