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Oil report

EXCLUSIVE-Citgo stops contributions to 401(k) plans, will cut salaries -sources

HOUSTON, Nov 13 (Reuters) - Citgo Petroleum Corp stopped contributions to employee 401(k) retirement plans on Nov. 1 and plans to reduce salaries on Jan. 1, said sources familiar with the company’s actions.

In a message sent to employees that was seen by Reuters, the Houston-based company said the actions were necessary because of the ongoing loss of demand resulting from the COVID-19 pandemic. (Reporting by Erwin Seba; Editing by Leslie Adler)

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