On  January  15  JSC  "Ventspils  nafta" Supervisory Board reviewed and

approved all proposed agenda items for extraordinary general meeting of

shareholders,  to  be  held  on  January 22. The meeting is expected to

approve  amendments  to  the  company  Charter,  amendments  to company

Management   Board   Regulations,   amendments   to  Supervisory  Board

Regulations, and changes in Management Board.

The  amendments  to  JSC "Ventspils nafta" charter are necessary due to

the new "Ventspils nafta" Group structure, which segregates the central

holding  company  functions  from  lines  of  business, divided between

individual  companies  within  the  Group.  The  structure improves the

financial transparency and the efficiency of resource utilisation.

Since JSC "Ventspils nafta" itself no longer is engaged in transhipment

of  oil  and  petroleum  products,  the  items  specifying transhipment

services will be deleted from the Charter. Simultaneously, new articles

will  be  added  specifying  the functions of investment management and

monitoring,  for  example,  co-ordination  and enhancement of efficient

business.

Arising  from the above, the position of Vice President will be deleted

from the Charter: the functions of this official used to be the running

of transhipment business.

The  legal  address  of  JSC  "Ventspils  nafta" will be changed in the

Charter to Ostas iela 23, Ventspils, LV-3601 - to reflect the real-life

situation.

Supervisory  Board also recommends to the shareholders' meeting that it

approve  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 from

January 22, 2004.