Today,  on  30  July  2003,  JSC  Ventspils  Nafta  AGM of shareholders

reviewed  and took resolutions on all the agenda items: approval of JSC

Ventspils  Nafta  Annual  Report of 2002; discharge of Management Board

members from liability for 2002 operations; distribution of profit made

in 2002; budget and business plan for 2003; election of a sworn auditor

for  2003;  amendments  to  JSC Ventspils Nafta Charter; changes in JSC

Ventspils Nafta Management Board; establishment and introduction of the

internal  audit  division; elections of JSC Ventspils Nafta Supervisory

Board.



The   shareholders'   meeting  approved  Management  Board  Report  and

Consolidated  Report  on  performance  in 2002 as well as JSC Ventspils

Nafta  Annual  Report for 2002 and Consolidated Annual Report for 2002,

prepared  in  accordance with the laws and accounting principles of the

Latvian   Republic  as  well  as  International  Accounting  Standards.

According  to the audit report, the net turnover of JSC Ventspils Nafta

reached  LVL  28.1  million and net profit amounted to LVL 2.7 million.

The  turnover  of Ventspils Nafta group for the same period amounted to

LVL 65.9 million.



As  it was mentioned in the Management Board Report by Mamerts Vaivads,

Chairman  of Supervisory Board, and Jānis Ādamsons, President, the year

2002  was  undeniably  one  of the most complicated years in the entire

history  of JSC Ventspils Nafta, since the company had to operate under

continuous impact of adverse external pressure. However, despite of the

adverse  impact of external political and economic factors on Ventspils

Nafta  business,  the  year  2002  proved  the  expediency  of the risk

management measures commenced in the previous years.



The AGM of shareholders resolved to release the former Management Board

members  Igors Skoks, Olafs Berķis and Jeļena Biktaševa, as well as the

present  Management  Board,  namely, Jānis Ādamsons, Ritvars Priekalns,

Aldis  Āķis,  Alexander  Antipin and Rolands Kalniņš from liability for

2002 operations.



Discussing  the distribution of 2002 profits, the shareholders resolved

to  transfer  a  part  of  the  profit,   LVL  1 805 859, to reserves -

according to the law of the Republic of Latvia "On Annual Reports", and

to  distribute  the remaining profit made in 2002, amounting to LVL 922

936.60,  as  dividends.  The  shareholders  resolved  to complement the

amount  to  be paid in dividends by LVL 121,258.59 from other reserves,

to  be  able  to  pay  LVL  0.01 per share in dividend. Thus, the total

dividend  amount is 1,044,195.19 LVL. September 1, 2003 is the dividend

record date and September 5, 2003 is the payment date.



The  AGM  of  shareholders  approved  JSC  Ventspils  Nafta  budget and

business  plan  for  2003,  where  business revenues amount to LVL 38.4

million  and net profit amounts to LVL 18,000. The approved budget does

not  include  any potential revenues from transshipment of crude oil by

pipeline,  therefore  if  differs  from the Supervisory Board forecasts

released  in  January  of  this  year,  where bottom-line transshipment

volume  of  crude oil exported by pipeline was foreseen, and the profit

expectations  were  LVL  40,000. However, due to increase in volumes of

crude  oil and oil products transported by railway, JSC Ventspils Nafta

expects to make a profit this year as well.



The  shareholders'  meeting  elected  sworn  editor  Diāna  Krišjāne  a

Ventspils  Nafta  as  certified  auditor  for  2003  Annual  Report and

Consolidated  Annual  Report,  and  resolved  to sign an agreement with

Ernst & Young Baltic SIA.



The  shareholders  resolved to approve amendments to the Charter of JSC

Ventspils  Nafta,  supplementing  the  existing business lines with the

holding   company  business.  The  above  supplements  arise  from  the

necessity  to  improve the management and supervision structures of JSC

Ventspils Nafta group. Separating the central holding company functions

and  splitting up the group companies according to their business areas

will  significantly  improve  the  financial accounting, utilisation of

resources  and increase the value of each individual company as well as

the  group  as a whole. As JSC Ventspils Nafta, following the auditors'

recommendations,  has  approved  a  new  conception  for setting up the

internal  audit division. The amendments to the Charter approved by the

AGM include dismissal of the acting Auditing Committee.



Due  to the formation of JSC Ventspils Nafta's new daughter company SIA

Ventspils Nafta Terminals, which, according the model of improvement of

JSC Ventspils Nafta concern management system, will take over the crude

oil  and  oil  products  transshipment  functions,  the AGM resolved to

revoke   the   Management  Board  members  Rolands  Kalniņš  (Technical

Director)  and  Alexander  Antipin, Commercial Director, from 31 August

2003.  Further  on  they  will  work  in  the  Management  Board of SIA

Ventspils  Nafta Terminals. The meeting resolved that Ilva Purēna, Head

of  the Legal Department, and Renārs Urbanovičs, Head of the Investment

Management Department will work as JSC Ventspils Nafta Management Board

members from September 1, 2003 for a 3-year term.



The AGM resolved to release the Auditing Committee from 31 July 2003 in

accordance  with  the  above  amendments  to  the  Charter. The meeting

charged  Supervisory  Board  with  the  task  to  set up internal audit

division by August 31.

The  AGM  elected  the new Supervisory Board for a 3-year term. The new

Supervisory  Board  has  its mandate starting from August 1, 2003: this

will  allow  to  eliminate the costs of convening a new general meeting

after  October  28,  when the mandate of the previous Supervisory Board

would expire. The members of JSC Ventspils Nafta Supervisory Board are:

Mamerts  Vaivads, Jānis Blaževičs, Vladimirs Solomatins, Uldis Pumpurs,

Vladimirs  Krastiņš,  Ansis  Sormulis,  Ivars  Pāže, Eižens Cepurnieks,

Mārtiņš Jansons, Romāns Mežeckis, Voldemārs Strīķis.