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Citgo Announces Layoffs in Venezuela Amid Crisis

Venezuela's Citgo Petroleum 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.

The company said last month it re-evaluated a program to provide heating oil to poor U.S. citizens. But it has decided to go ahead and donate up to 45 million gallons — worth $60 million at today's prices.

Based in Houston, Citgo is a subsidiary of Venezuela's state oil company.

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