JSC  "Ventspils  nafta"  annual  general  meeting of shareholders will

convene  on  May  23,  2002  at  10:00,  at  the  premises of Ventspils

College.

Agenda:

1. Approval of Annual Report for 2001.

2. Discharge of Management Boar members from responsibility for company

operations in 2001.

3. Distribution of 2001 profit.

4. Budget and business plan for 2002.

5. Elections of a certified auditor for 2002.

Shareholder  registration  will  be  open  from  9:00  till 9:45 on the

meeting  day  at  the  venue  of  the  meeting.  The  shareholders  may

participate in person, or by delegating a representative or a proxy.

Shareholders  having  a  securities  account with a bank or a brokerage

company  shall  present,  upon  registration,  a passport or a personal

identification  document and a receipt confirming blocking of shares on

the account.

Shareholders  having their securities deposited at the initial register

shall   present,   upon   registration,   a   passport  or  a  personal

identification document.

Representatives  and  proxies  shall  present  a  written  proxy  and a

personal  identification  document, and a receipt issued by a bank of a

brokerage company certifying blocking of shares on the account. Proxies

issued by private individuals shall be certified by a notary public.

Shareholders  shall  apply  for  blocking  shares on their accounts not

later by May 13, 2002 (by the end of the business day).

Draft resolutions are available to shareholders for inspection starting

with  May  14, 2002, at Legal Department of "Ventspils nafta", 75 Talsu

Street,  Ventspils,  on  all business days form 9:00 till 16:00, and at

Registration on the meeting day.

Recommendations  and  proposals  regarding the draft resolutions may be

submitted  in  writing  to  "Ventspils  nafta"  Management Board by the

opening of the meeting.