In  the  first  three  months  of 2003 JSC "Ventspils nafta" net sales

amounted  to  LVL 6.8 million. The company has made a net profit of LVL

5.4 thousand during the period.

In  the  first three months of this year 3.1 million tons of cargo were

reloaded  at  "Ventspils  nafta"  terminal  from rail. Out of the total

volume  of  reloaded  products,  1.9  million tons were diesel oil, 0.5

million  tons  were  crude  oil  and  0.7 tons were other oil products.

Contrary to the same period in 2002, "Ventspils nafta" has not received

any  oil  by pipeline, whereas the volumes received by rail continue to

increase.  This  year  the  company  has  introduced  a  new  product -

reloading of crude oil and diesel oil with sulphur contents 0.035% from

rail.  In  the  first quarter of 2003 "Ventspils nafta" has conquered a

market share of 8% from all CIS crude oil exports by rail.

To  accommodate to the market situation and the political pressure from

Russia,  the  company  is  continuing  to develop a variety of services

associated  with  reloading oil products delivered by rail. The company

is  planning  to  build  two  new platforms for reloading crude oil and

diesel  oil  from  tank-cars.  The throughput capacity of each platform

will be 5 million tons per year; one will be launched into operation in

2004 and the other in 2006.