Mountain Valley Pipeline Owner Equitrans Considering Asset Sale
(Reuters) — Oil and gas pipeline firm Equitrans Midstream was in the early stages of considering a sale, Bloomberg News reported on Friday, citing people familiar with the matter.
While there is no certainty the company would decide to proceed with the sale, it would likely attract interest should it launch a sale process in early 2024, the report said.
RELATED: Mountain Valley Pipeline Sues Protesters Hindering $7.2 Billion Construction Project
Equitrans owns a 48.1% ownership interest in the Mountain Valley pipeline and will operate it once it is online — which is expected to be in the first quarter of 2024.
When the company started construction in February 2018, Equitrans estimated the 2.0 billion cubic feet per day project would cost about $3.5 billion and enter service by late 2018. Now, the project stands to cost nearly $7.2 billion, having faced numerous legal challenges and labor issues.
Bloomberg, citing Citi analyst Spiro Dounis, highlighted that with the pipeline close to being complete, exploring a potential sale would make sense.
Equitrans did not immediately respond to a Reuters request for comment.
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