The  extraordinary  shareholders' meeting of JSC Ventspils Nafta elects

the new Board and management of the company

Today,  on  the  26th  of  July  2002,  the extraordinary shareholders'

meeting  of JSC Ventspils Nafta considered all questions of the agenda,

electing  the  new  Management Board of the company and also appointing

Janis  Adamsons in the post of the new Chairman of the Management Board

and  the  President of JSC Ventspils Nafta and Ritvars Priekalns in the

post of the Deputy Chairman and the Vice-President of the company.

J.  Adamsons  has  been  the  member  of  the  Management  Board of JSC

Ventspils  Nafta since the 29th October 2000, and since May 1999 he has

been  working  as  a Construction Director. During the leadership of J.

Adamsons, the most important investment projects of JSC Ventspils Nafta

for  the  recent years have been implemented in order to strengthen the

competitiveness  of  the  company and the whole oil transit corridor of

Ventspils.  The  main projects are the modernisation and enlargement of

the  tank  park  for  the  oil  and  oil  product storage, putting into

exploitation  of  the  dual  loading and unloading railway rack for the

light  oil  products,  implementation  of the automation project of the

transhipment department and fire-fighting system and others.

Before the employment at JSC Ventspils Nafta, J. Adamsons took the post

of  the  project  manager  in JSC Ave Lat Grupa, the post of the Deputy

General Director in Multibau Ltd and the post of the Deputy Minister in

the Ministry of Agriculture of the Republic of Latvia.

Also the Vice-President of JSC Ventspils Nafta, R. Priekalns has worked

in  the  company's  Board and in the post of the General Director since

October  2000,  but  at JSC Ventspils Nafta he is working already since

1993.

The  shareholders'  meeting of JSC Ventspils Nafta also elected members

of  the Management Board: the Finance Director, Aldis Akis, the Head of

the  Transhipment  Department,  Rolands  Kalnins,  and  the  Commercial

Director of the company, Alexander Antipins.

The  shareholders' meeting also approved the amendments in the articles

of  incorporation  of  JSC Ventspils Nafta, the most important of which

are  connected with the approval procedure of the company's management,

forecasting  the election of the Chairman of the Management Board - the

President   and  the  Deputy  Chairman  -  the  Vice-President  in  the

shareholders'  meeting,  and  not  as  it was before - by the company's

Management  Board  after  coordination  with  the  Supervisory Board By

making  amendments,  the  management  structure of the company is being

optimised, cancelling the post of the General Director of JSC Ventspils

Nafta and further handing over these duties to the Vice-President.