MAZEIKIU NAFTA

MATERIAL EVENT



RESOLUTION OF THE MEETING OF THE BOARD OF MAŽEIKIŲ NAFTA HELD ON 30 APRIL 2003

TO FOUND A SUBSIDIARY OF MAŽEIKIŲ NAFTA AB - UAB TRADING HOUSE OF MAŽEIKIŲ NAFTA

AB



(Unofficial translation done at the NSEL)



The meeting of the company’s Board held on 30 April 2003 resolved:

to found a subsidiary of Mažeikių Nafta AB - UAB Trading House of Mažeikių

Nafta AB, which will be in charge of the marketing and arranging and (or)

execution of sales of light oil products, liquid gas, fuel oil, bitumen

manufactured by Mažeikių Nafta AB in Lithuania, Latvia, Estonia, and Poland,

or other markets;

to invest LTL 5 760 000 to the authorised capital of UAB Trading House of

Mažeikių Nafta AB and acquire all the shares of UAB Trading House of Mažeikių

Nafta AB being founded settling for them in cash.





Giedrius Karsokas

Head of the Communications Unit

(370 443) 92608