CITGO Announces Restructuring with Minimal Impact on Company’s Payroll

As part of an effort to respond and adapt to the unprecedented economic crisis currently facing the United States, CITGO Petroleum Corporation has undertaken a restructuring process which will have a minimal impact on the company’s payroll.

Of the 3,762 employees currently working at CITGO, less than 2 percent have been impacted by this restructuring process, which has been implemented in order to optimize organizational performance.  The few impacted employees are being offered special separation packages.

CITGO hereby categorically denies some news reports of alleged massive employee layoffs in the company.

CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products.  The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.

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