"Ventspils  nafta"  major  shareholder  JSC "Latvijas naftas tranzīts",

after  reviewing  "Ventspils nafta" performance in 2002, has decided to

recommend the AGM of shareholders, to be held on July 30, 2003, to pass

a  resolution  regarding  paying  out dividend to shareholders at total

amount  of  LVL 1 million, i.e., nearly 40% of the 2002 net profit (LVL

2.7  million).  "Latvijas  naftas  tranzīts"  intends  to harmonise the

recommendation  with JSC "Latvijas Privatizācijas aģentūra", the second

largest shareholder of "Ventspils nafta".



The  payment of dividends has become possible owing to the optimisation

and updating of the investment programme, which envisaged modernisation

of the terminals at total value of nearly USD 100 million, and has been

implemented over the past four years.



Considering  the  above,  as  well  as  the fact that "Ventspils nafta"

managed to earn profit in a challenging business environment, "Latvijas

naftas  tranzīts" believes it would be useful to pay the 2002 profit in

dividend,  so  that  all  shareholders  could enjoy benefits. "Latvijas

naftas  tranzīts"  approved  the recommendation upon a proposal made by

Guntis Indriksons, a representative of SIA "Skonto nafta".