Chevron Corp. is to pay Richmond Metropolis Council $550 million over 10 years, the town mentioned in an announcement, in a settlement that noticed it drop a proposed poll on a brand new tax on the oil main’s Richmond refinery.
Richmond deliberate to hunt voters’ approval for a tax on the refinery, which processes about 250,000 barrels of crude oil per day, saying Chevron ought to pay its justifiable share to the group it has been in for over a century.
On account of the settlement the council authorized on Wednesday, the town agreed to withdraw the measure, it mentioned within the assertion posted on its web site.
The corporate can pay the cash in annual installments ranging from July 1, 2025 to June 30, 2035, it mentioned.
“Chevron Richmond and the Metropolis of Richmond have reached an settlement that settles litigation and removes the Refining Enterprise License Tax measure from the poll,” the corporate mentioned in an emailed response to Reuters.
“This settlement ensures Chevron Richmond can proceed to offer Northern California with the reasonably priced, dependable and ever-cleaner vitality the area’s financial system wants.”
(Reporting by Shivaprasad in Bengaluru; Modifying by Emelia Sithole-Matarise)
Matters
California
Was this text priceless?
Listed here are extra articles chances are you’ll get pleasure from.
A very powerful insurance coverage information,in your inbox each enterprise day.
Get the insurance coverage trade’s trusted publication
