MAZEIKIU NAFTA

MATERIAL EVENT



DECISIONS ADOPTED AT THE GENERAL SHAREHOLDERS’ MEETING



At the general shareholders’ meeting, which took place on 30 April 2001,

it was decided to:

1) approve report of the Board of AB Mažeikių Nafta on the economic

activity of the company during the period from 1 January 2000 to 31

December 2000.

2) report of audit company Arthur Andersen on the company’s financial

statements for the period from 1 January 2000 to 31 December 2000 was

considered when approving financial statements for 2000;

3) approve financial statements of AB Mažeikių Nafta for the economic

year beginning on 1 January 2000 and ending on 31 December 2000;

4)  approve appropriation of net profit/loss for 2000, buy transferring the

loss of the economic year beginning on 1 January 2000 and ending on 31

December 2000  to the following economic year;

5) paragraph 12.4 of the Articles of Association of AB Mažeikių Nafta was

amended;

6) the Board of AB Mažeikių Nafta was authorised to issue the company’s bonds

(except convertible bonds);

7) approve terms of remuneration for the company’s auditor UAB Arthur Andersen

for audit services in 2001 and establish that remuneration shall not exceed

LTL 1,000,000;

8) elect Randall Lee Barnard, executive director of Williams International

Company, member of the Supervisory Board to replace the resigned member John

Paul Savolainen





Tadas Augustauskas

Head of Communications Service

8-293-92608