HOUSTON (Dow Jones) --Valero Energy Corp. (VLO) Chief Executive Bill Klesse said Tuesday that he is considering selling the Aruba refinery or taking on a partner in the money-losing operation that has been shut down since last year.

Valero could also decide to keep and restart the 235,000 barrel-a-day plant, Klesse told reporters on the sidelines of the IHS Cambridge Energy Research Associates energy conference in Houston.

Valero has been able to improve the future of the plant by settling a tax dispute with the Aruba government, the chief of the San Antonio-based company said. The agreement spans 20 years and is subject to approval by the country's parliament.

The negotiations were eased by new leadership in Aruba, Klesse said. Prime Minister Mike Eman's, People's Party, took over power last fall.

"The government has been much more open-minded," Klesse said.

In January, Klesse said the Aruba refinery would not be profitable if it had been restarted and running then. The refinery has been idle since last year.

Source: Downstream Today