FAIRBANKS, Alaska (AP) - A multimillion-dollar business deal with ramifications for the cost of energy in Fairbanks is set to close this week. 

The Fairbanks Daily News-Miner reports the deal is between the Fairbanks North Star Borough and the state of Alaska to expand natural gas availability. 

The Interior Energy Project says the deal will "bring low-cost energy to as many residents and businesses of Interior Alaska as possible, as quickly as possible." 

The borough-owned Interior Gas Utility is purchasing Fairbanks Natural Gas and other assets from the state-owned Alaska Industrial Development and Export Authority, which is financing the purchase along with major expansions to natural gas piping and storage for $330 million. 

The Interior Gas Utility board is set to meet Tuesday. The deadline to close the deal is midnight Thursday. 

 

Information from: Fairbanks (Alaska) Daily News-Miner, http://www.newsminer.com 

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.