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

July 12 (Reuters) - 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)