ExxonMobil has agreed to pay New Jersey $225 million to settle contamination claims at two of the company’s refineries in the state.
Under the deal the company is also responsible for ongoing cleanup efforts at its Bayonne and Bayway facilities, New Jersey’s state attorney general said Thursday.
ExxonMobil will foot the bill for required investigation and remediation work at the two sites that will be performed under the state’s supervision.
State officials had initially sought an $8.9 billion fine but said the new deal is still the “single largest environmental settlement with a corporate defendant in New Jersey history.”
The deal also resolves some liability tied to contamination claims at 16 other facilities and retail service stations in New Jersey.
The agreement will be officially published in the New Jersey Register on April 6 and will be subject to a 30 day comment period before heading to a Superior Court judge for final approval.
The state expects to receive the settlement funds during fiscal year 2016 at the earliest.
ExxonMobil has not commented on the settlement.
New Jersey governor Chris Christie said the deal still “preserves the state’s claims against ExxonMobil with respect to natural resource damages to the Arthur Kill, Newark Bay.”