Ventspils nafta                                              17.06.2005.



Draft resolutions of AGM of shareholders of Ventspils nafta of 1 July



Aproval of Annual reports for the year 2004



1. To take notice of management and consolidated report of a/s 

Ventspils nafta on operating results for 2004, the report of 

the Supervisory Board of a/s Ventspils nafta and the report of 

auditor on Annual Reports for the year 2004.



2. To approve the Annual Report for the year 2004 and consolidated 

Annual Report for the year 2004 prepared in accordance with the Law 

on Financial Statements of Companies and the Law on Consolidated 

Financial Statements of Companies of the Republic of Latvia.



3. To approve the Annual Report for the year 2004 and consolidated 

Annual Report for the year 2004 prepared in accordance with 

International Financial Reporting Standards.



Distribution of Profit for the Year 2005



To transfer profit of a/s Ventspils nafta for the year 2004 in 

the amount of LVL 14,778,252 (fourteen million seven hundred 

seventy eight thousand two hundred fifty two lats) to restricted 

and other reserves in accordance with regulations of the Republic 

of Latvia.



Election of Sworn Auditor for the Audit of 

Annual Reports for the Year 2005



1. To elect the sworn auditor, Diāna Krišjāne 

(Certificate no.124), 

to audit Annual report and consolidated Annual report of a/s 

Ventspils nafta for the year 2005.

2. To authorise the Executive Board of a/s Ventspils nafta to 

conclude Agreement with SIA Ernst&Young Baltic on the audit of 

Annual Reports for the year 2005, determining the remuneration 

within the approved budget of a/s Ventspils nafta for year 2005.



Election of Supervisory Board



1. To take notice that as from 13 May 2005 Mārtiņš Jansons resigned 

from his post of the member of the Supervisory Board of a/s 

Ventspils Nafta, based on his application dated 13 May 2005 

and according to Division 9, Article 296 of Commerce Law, 

release Jānis Blaževičs, Eižens Cepurnieks, Vladimirs Krastiņš, 

Romāns Mežeckis, Ivars Pāže, Uldis Pumpurs, Vladimirs Solomatins, 

Ansis Sormulis, Voldemārs Strīķis, Mamerts Vaivads from their 

posts of the members of the Supervisory Board of a/s Ventspils Nafta.



2. To authorise the following people as members of a/s 

Ventspils Nafta Supervisory Board for the period of three years as 

from 1 July, 2005:...



3. To determine a monthly remuneration fund of the Supervisory 

Board of a/s Ventspils Nafta shall amount up to Ls 30,000 

(thirty thousand lats), authorising the Supervisory Board to 

determine distribution of the remuneration fund between its members.