Considering the fact that JSC "Ventspils nafta" AGM of shareholders has

resolved  to  convert  300,000 registered non-voting shares (Management

Board  reserve  shares) into bearer voting shares, RSE Management Board

on its meeting of August 16, 2004 resolved on the following:

upon company request and pursuant to Financial instrument listing rules

(Item  3.1.5),  to list additional 300,000 JSC "Ventspils nafta" shares

(nominal value LVL 1) on the RSE Official List starting with August 19,

2004.  Subsequently,  60,598,121  JSC  "Ventspils  nafta" voting bearer

shares will be listed on the RSE Official list.