Pembina Buying Vantage Pipeline, Ethane Plant

Canada's Pembina Pipeline Corp said it would buy the Vantage pipeline system and Mistral Midstream Inc's interest in the Saskatchewan ethane extraction plant from Riverstone Holdings LLC for $650 million.

Vantage pipeline system will provide Pembina access to North Dakota's Bakken play, considered one of North America's most prolific shale formations, where more than 1 million barrels of oil are extracted daily.

Pembina said the deal was expected to add to cash flow per share in 2016.

Separately, Pembina also said it had reached an agreement for the site of its proposed West Coast propane export terminal project with the Port of Portland, Oregon.

Reporting by Narottam Medhora