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Paul Sakuma  /  AP
A customer pumps gas at a Chevron gas station. A New Jersey city has agreed to refund the energy giant nearly $8 million for overpaid property taxes from 2007 to 2010.
msnbc.com news services
updated 5/10/2011 10:22:27 AM ET 2011-05-10T14:22:27

A New Jersey city has agreed to refund Chevron nearly $8 million for overpaid property taxes from 2007 to 2010.

However, Perth Amboy doesn't have the cash in its bank accounts. The City Council is set to seek state approval to borrow the money.

City officials agreed to the settlement two months before the case was scheduled to go to trial because of the potential for a higher award and legal costs.

Perth Amboy Business Administrator Gregory Fehrenbach told The Homes News Tribune of East Brunswick the city believes it's a fair settlement.

In late April, Chevron reported earnings of $6.2 billion for the first quarter of 2011, up from $4.6 billion in the first quarter of 2010, according to a company press release.

The Associated Press contributed to this report.

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