JSC  "Ventspils  nafta"  extraordinary general meeting of shareholders

will  take  place  on  July  26,  2002,  at  16:00,  at the premises of

Ventspils College, 101 Inženieru Street, Ventspils

Agenda:

1. Amendments to the Company Charter

2. Elections of the Management Board

Shareholder registration will take place at the venue of the meeting on

the meeting day - July 26 - from 15:00 till 15:45.

Shareholders  may  participate  at the meeting either in person or with

representatives or proxies.

  Shareholders having a securities account shall present a personal ID

and a securities account statement issued by the custodian;

  Shareholders  having  their  shares  at  the  Initial Register shall

present a personal ID.

 Representatives and proxies shall present a written proxy, a personal

ID, and an account statement issued by the custodian. Proxies issued by

natural persons shall be certified by a notary public.

Shareholders shall have their accounts blocked by July 12, 2002 (end of

the business day).

Draft  resolutions  are  available  for  inspection at the Company head

office 75 Talsu Street, Ventspils, Legal Department, starting with July

19 on business days from 9:00 till 16:00, and on the meeting day at the

place of registration.

Recommendations  and  moves  for  the  draft resolutions are welcome in

writing,  to  be addressed to Company Management Board till the opening

of the meeting.