July 12, 2017 / 9:20 AM / a month ago

BRIEF-Royal Dutch Shell says to divest Upstream interests in Ireland for up to $1.23 bln

July 12 (Reuters) - Royal Dutch Shell Plc:

* Through Shell Overseas Holdings reached agreement with Canada Pension Plan Investment Board unit to sell shares in Shell E&P Ireland

* Deal to sell shares in Shell E&P Ireland Limited, that holds 45% interest in Corrib Gas Venture for up to $1.23 billion

* Transaction includes initial consideration of $947m and additional payments of up to $285m between 2018-2025, subject to gas price and production‍​

* Deal , which represents Shell’s exit from upstream business in Ireland, is expected to complete in Q2 2018

* CPPIB will be the new Corrib Gas JV partner and Vermilion will become the new operator of the Corrib Gas venture

* Deal to result in an impairment charge of around US$350m, which will be taken in Q2, 2017

* At completion, a negative non-cash cumulative currency translation difference of around US$400m will be released

* Shell will retain presence in Ireland through Aviation JV, Shell and Topaz Aviation Ireland Limited based near Dublin airport Further company coverage:

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