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 (Houston) 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 also categorically denies some news reports of alleged massive employee layoffs in the company.