JSC  "Ventspils  nafta"  extraordinary general meeting of shareholders,

held on January 22, 2004, elected Olga Pētersone Chairman of Management

Board  and  President for a three year period. CFO and Management Board

member  Aldis  Āķis   was  elected Deputy Chairman of Management Board.

Guntis  Tīrmanis,  Antons  Petrovskis  were  elected  Management  board

members for a three year period.



The  meeting  approved the resignation letters of former JSC "Ventspils

nafta"   Management  Board  members  -  Jānis  Ādamsons,  Chairman  and

President,  and  Ritvars Priekalns, Deputy Chairman and Vice President,

and  Renārs  Urbanovičs  - Investment Management Director - and dismiss

them starting with January 22, 2004.



Considering  the  request  of  Latvian  Privatisation Agency, holder of

state-owned  shares,  the  meeting  decided  on an interruption for two

weeks, after LPA representatives have studied the materials with regard

to  changes  in  company  Charter  and Management Board and Supervisory

Board  regulations.  The  meeting  will  resume the work on February 5,

2004,  10:00,  23  Ostas  iela,  Ventspils.  Only shareholders who have

registered for the January 22 meeting will be admitted. Re-registration

will  take  place on February 5 from 9:00 till 9:45 at the venue of the

meeting.