Today,  July  1,  the  Council  of  Ventspils Nafta, JSC has decided to

increase  the  capital  of  Ventspils  Nafta Termin āls, Ltd. that is a

daughter company of Ventspils Nafta, JSC. 

Ventspils  Nafta  Termin  āls' capital has been increased by 23,369,400

lats or 23, 694 capital interests. Therefore, upon increase the capital

of  Ventspils  Nafta Termin āls, Ltd. will reach 77,317,400 lats and be

divided  into  773,174  capital  interests  with a nominal value of 100

lats.

Ventspils  Nafta  Termin  āls,  Ltd.  is  100% owned by the joint stock

company Ventspils Nafta.

This  shall be the second and the final phase of Ventspils Nafta Termin

āls'  capital  increase  to  complete  the  transfer to Ventspils Nafta

Termin  āls,Ltd.  of  fixed  and  other  assets  that secure terminal's

operation.

The  outsourcing  of  crude  oil  and  petroleum products transhipment,

including  other industries from the central holding company within the

framework  of Ventspils Nafta Holding is implemented in accordance with

the  recommendations  of the auditing company «Ernst & Young Baltic» to

improve the management and supervision system of Ventspils Nafta, JSC .

This process was started in 2003.