Shell to exit upstream business in Ireland with $1.23 billion stake sale

Wednesday, July 12, 2017

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Royal Dutch Shell said it is selling its stake in the Corrib gas venture in Ireland for up to $1.23 billion, marking its exit from the upstream business in Ireland.

The buyer is a unit of Canada Pension Plan Investment Board and the deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018-2025, subject to gas price and production, Shell said in a statement.

The transaction, which is subject to partner and regulatory approval, is expected to complete in the second quarter of 2018, Shell said on Wednesday.

(Reporting by Rahul B in Bengaluru; Editing by Susan Fenton)

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