Oil & gas co. fires 8 workers to reduce costs
Officials for the Navajo Nation Navajo Oil and Gas Co. on Friday laid off eight employees as part of their effort to reduce payroll to help repay its lenders some $44 million.
Lennard Eltsosie, chairman of the NNOGC, said the company had no choice but to reduce its payroll and cut expenses because of an agreement it has made with the banks who lend it money to reduce the total amount of money it has outstanding in loans.
The company is being forced to pay the banks back the money over the next six months and Eltsosie said the company is on schedule in paying down this debt.
Highway 264,
I-40, WB @ Winslow