Solidifying its stance as a major natural gas and power player, BP Amoco PLC today announced plans to purchase Boise, Idaho-based IGI Resources Inc. IGI, owned by Intermountain Industries Inc., is a natural gas and power trading and transportation company serving primarily industrial customers in the western US and Canada.
IGI's gas sales total about 600 MMcfd gas. It also manages pipeline and storage capacity.
The former British Petroleum PLC's serial acquisitions of Amoco Corp. then ARCO constituted a major move into the natural gas arena for the previously oil-heavy major. This latest acquisition will become part of BP Amoco's North America gas and power business.
Tony Fountain, president of that business unit, says the purchase is a "significant move for our business because it expands our marketing presence in a growth region.
"IGI Resources has an excellent reputation for customer service," Fountain continued. "We intend to build upon that while at the same time widening the range of products and expanding the supply base that IGI's customers can access."
IGI Resources' offices in Boise, Seattle, and Vancouver, Wash., will join the BP Amoco system.
The transaction is subject to regulatory approval and certain other terms and conditions.
