FAIRBANKS, Ak -- Fairbanks Natural Gas announced this week that they will partner with a leading investment bank to explore strategic and financing alternatives to support their growth objectives.
FNG will now engage with Marathon Capital to help provide guidance and financial advice to help the natural gas company raise capital needed to expand their operations.
Fairbanks Natural Gas recently announced development of a large scale liquefied natural gas storage project in addition to and LNG production facility on the North Slope.
FNG President Dan Britton says the move is necessary now so they can be ready for larger supply of natural gas in the coming years.
"We've recently announced the installation of a large storage tank, 5 million gallons. We've also got our North Slope project that we've been developing over the last several years, ... those two project now are coming together and so we'll have a significant need for capital to complete those two. Following that, we'll have to roll out sizable expansion of the distribution system and get to many more customers than we are today," said Britton.