Joint ventures (JVs) are commercial collaborations in which two or more unrelated parties pool, exchange or integrate some of their resources with a view to mutual gain, while at the same time remaining independent.

MLPs and would-be MLPs use JVs for many different reasons. These JVs can be with private-equity sponsors, customers, private or public companies or other MLPs. For midstream MLPs, JVs are used for multiple purposes, including funding asset development costs, locking in customers or building scale.

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