For  the  first  three  months  of 2004 the operating activities of the

Joint  Stock  Company Ventspils Nafta resulted in profit which has been

confirmed  by  the  Company's  Quarterly  Report  that  the  Council of

Ventspils Nafta has considered and accepted today, 27/5/2004 .

The  net  turnover  of  Ventspils  Nafta in the 1Q of 2004 reached 14.2

million  Lats and the net profit of the Company for the reported period

above has made up of 34.7 thousand Lats.

The  financial  results of Ventspils Nafta for the first quarter are in

accordance  with  our  pre-planned results and even slightly over them,

considering  the  operating  activities  of the Holding's companies are

subject  to  seasonal  influences, as well as the profit for the entire

2004 is previously estimated in the amount of 175.7 thousand Lats, says

Olga Pētersone, the President of Ventspils Nafta .

The  Ventspils  Nafta  Council  has  also  decided to elect its current

Member  Vladimirs Solomatins as the 2nd Deputy Chairman of the Council.

Up  to  now  the  Chairman  of the Council Mamerts Vaivads had only one

Deputy - Jānis Blaževičs.

The  second Deputy Chairman has been elected due to the increased scope

of responsibilities within the management structures of Ventspils Nafta

that  according  to  the  Holding's  principles  have  been  set  up to

supervise the activities of the companies of the Holding.



Non-audited  financial  report  for  3  month  of 2004, available here:

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