EQT Corp. will receive $3.3 billion to form a joint venture that will hold the ownership of the Mountain Valley Pipeline and other assets it got from the recent acquisition of Equitrans Midstream Corp.

Since construction began in 2018, Mountain Valley has struggled to control erosion along the full length of the pipeline, which begins in northern West Virginia, passes through the New River and Roanoke valleys, and connects with an existing pipeline near the North Carolina line.

EQT, a US-based natural gas producer, has announced a midstream JV with Blackstone Credit & Insurance (BXCI), a unit of investment major Blackstone. The JV includes EQT's interests in key infrastructure assets such as the Mountain Valley Pipeline (MVP), transmission and storage facilities, as well as the Hammerhead Pipeline.