Citgo announces layoffs in Venezuela amid crisis

CARACAS, Venezuela – Venezuela’s Citgo Petroleum Corp. says it’s laying off 75 employees because of the world economic crisis.

The company says it’s restructuring to better adapt to the economic downturn.

Citgo says 2 percent of its 3,762 employees will be offered special severance packages.

In a Wednesday statement announcing the layoffs, Citgo denied reports that there have been massive numbers of employees let go.