ETRN - Equitrans' MVP pipeline project gets boost from Manchin side deal - Bloomberg

Equitrans Midstream ( NYSE: ETRN ) +10.6% post-market on Monday following a Bloomberg report that the company's delayed Mountain Valley Pipeline may get fast-track approval under a side deal reached between Senator Joe Manchin and Senate Majority Leader Chuck Schumer.

The deal to move forward on separate permitting reform legislation, which reportedly has the blessing of House Speaker Nancy Pelosi and the Biden administration, would "require the relevant agencies to take all necessary actions to permit the construction and operation of the Mountain Valley Pipeline and give the D.C. Circuit jurisdiction over any further litigation," according to a summary of the accord obtained by Bloomberg.

The side deal, which Schumer has said would move separately from the climate spending deal with Manchin, also establishes a two-year time limit on environmental reviews for large projects and one year for smaller projects, Bloomberg reports.

Construction of the 303-mile natural gas pipeline, which crosses Manchin's home state of West Virginia, has stalled since the Fourth Circuit U.S. Court of Appeals earlier this year rejected a permit to cross a national forest following a challenge by environmentalists .

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