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.

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.

EQT shares rose after the natural gas producer said Blackstone’s credit and insurance business is buying a $3.5 billion stake in its midstream assets through a joint venture.