Valero Settles Tax Dispute With Aruban Government

Law360, New York (January 22, 2010, 5:56 PM EST) -- Valero Energy Corp. has agreed to pay about $112 million to settle a tax dispute with the Aruban government over the company's idled refinery on the island, a Valero spokesman said Friday.

Under a framework agreement, which still must be finalized and then approved by Aruba's Parliament, San Antonio-based Valero will also keep paying its employees until at least June 1, according to the spokesman, Bill Day.

In addition to the $112 million payout and the employee costs, Valero agreed to pay the Aruban government $10...
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