The ordinary General Meeting of Shareholders of the Joint Stock Company

VENTSPILS NAFTA will take place on July 30, 2004 in Ventspils, at Ostas

Street 23, at 10:00 AM.

AGENDA:

1.On annual report of 2003.

2.On  release from liability of the board members for the activities in

2003.

3. On profit division of 2003.

4. On budget and business plan for 2004.

5. On election of a sworn auditor for 2004.

6. On board members.

7. On conversion of shares.

8. On inclusion of Ventspils Nafta, JSC into commercial register.

9.On approval of revised version of articles of association.

On  July  30, 2004 Shareholders will be registered from 9:00 to 9:45 AM

at the Meeting's venue.

Shareholders  can  participate  individually or be represented by their

representatives or trustees.

·         At  registration,  Shareholders whose shares are placed to an

account  provided  for securities with a bank or brokers' society shall

show  their  passports  or any other ID, as well as a receipt issued by

their financial institutions confirming that shares are blocked.

·         Shareholders  whose  shares are placed with Initial Register,

shall show their passports or any other ID at registration.

·         Representatives  or  trustees  of  Shareholders shall show at

registration their passports or any other ID, however, if any shares of

a  represented  shareholder  are  placed  to  an  account  provided for

securities  with  a  bank  or  brokers'  society, then they also show a

receipt  issued  by  those  financial  institutions confirming that the

shares  are  blocked.  Any  proxy  issued  to  natural persons shall be

notarially sealed.

To  block  their  shares  the Shareholders of VENTSPILS NAFTA JSC shall

apply  to  their  financial  institutions  not later than July 16, 2004

within their office hours.

In  order  to  be  acquainted  with  Draft Resolutions, VENTSPILS NAFTA

Shareholders  can  contact  VENTSPILS  NAFTA Office in Ventspils, Ostas

Street 23, starting from July 23, 2004 every working day from 1 PM to 5

PM. However, at the date of General Meeting they can do it at the place

of registration in Ventspils at Ostas Street 23.

Any offers and recommendations with respect to Draft Resolutions can be

submitted  in  writing to the Board of Directors of VENTSPILS NAFTA JSC

before the date of the Meeting.

The  Board  of  VENTSPILS  NAFTA,  JSC  reminds  that as per Point 2 of

Transition conditions of the Financial Instrument Market Law any person

participating  directly  or indirectly in the joint stock company which

shares  are  included  into  a regulated market and their amount is not

less than 10 per cent of the total amount of voting shares shall report

to  the  General Meeting of Shareholders called together to approve the

Annual Report of 2003.