Equitrans Midstream Reaches Agreement with Regulator for Mountain Valley Pipeline Project

Oil and gas pipeline firm Equitrans Midstream (ETRN.N) said on Tuesday it has entered into a consent agreement with the U.S. pipeline regulator for the Mountain Valley Pipeline (MVP) project.

Under the agreement with the Pipeline and Hazardous Materials Safety Administration (PHMSA), the project's team would conduct previously planned inspections to verify the integrity of the pipeline, among other measures.

The $6.6 billion gas pipeline project has been tangled in numerous court fights since its construction began in 2018.

Mountain Valley is owned by units of Equitrans Midstream, the lead partner building the pipeline, as well as NextEra Capital Holdings, Con Edison Transmission, WGL Midstream MVP and RGC Midstream.

Environmentalists have said the project would harm soil and water quality in the forest and increase the use of natural gas, a leading fossil fuel and greenhouse gas emitter.

Equitrans Midstream said it agrees with PHMSA that "transparently outlining" the steps being taken by the MVP project team to responsibly complete construction would reinforce public confidence in the pipeline's safe operation.

The Canonsburg, Pennsylvania-based firm said the consent agreement is not expected to have a material impact on the total cost of the project or schedule.

The company had said in August it expects to complete the MVP project by the end of the year, despite the court fights.

(Reporting by Tanay Dhumal; Editing by Shilpi Majumdar)