MAZEIKIU NAFTA

MATERIAL EVENT



REPEATED CONVOCATION OF  EXTRAORDINARY SHAREHOLDERS’ MEETING



At 1 p.m. on 21 August 2001, a repeated extraordinary

meeting of Mažeikių Nafta AB shareholders  will take

place at 11 Naftininkų St., in Mažeikiai

(Culture centre of Mažeikių Nafta AB).

On the agenda:

1) reduction of the authorised capital of

Mažeikių Nafta AB (it is intended to reduce

the authorised capital by annulling shares in

order to cover the losses reported in the balance-sheet);

2) amendments to the Articles of Association of

Mažeikių Nafta AB;

3) increase of the authorised capital of Mažeikių Nafta AB;

4) revocation of the pre-emptive right of shareholders

of Mažeikių Nafta AB to acquire shares of the new issue;

5) amendments to the Articles of Association of

Mažeikių Nafta AB due to the increase of

the authorised capital;

6) approval of the loan which will be granted

to Mažeikių Nafta AB;

7) increase of the authorised capital of Mažeikių Nafta AB;

8) revocation of the pre-emptive right of

shareholders of Mažeikių Nafta AB to acquire shares

of the new issue;

9) amendments to the Articles of Association

of Mažeikių Nafta AB due to the increase of the authorised capital;

10) other current issues.





Tadas Augustauskas

Head of communications service

293-92608