MAZEIKIU NAFTA

MATERIAL EVENT



NEW MANAGING DIRECTOR OF THE COMPANY APPOINTED



(Unofficial translation done at the NSEL)



1. At a meeting held on 19 December 2002 the Board adopted a decision,

taking account of the decision of the Board of Mažeikių Nafta AB adopted on

22 September 2002  to withdraw Thomas A. Schneider from the position of the

Managing Director of Mažeikių Nafta AB in accordance with the terms and

conditions indicated in the letter of resignation dated 20 September 2002 and

to authorize him to act as at interim as the Managing Director of Mažeikių

Nafta AB until a new Managing Director will be duly appointed, to confirm that

the authorization of Thomas A. Schneider to act at interim as the Managing

Director of Mažeikių Nafta AB terminates on 19 December 2002.

2. To appoint P. Nelson English, a citizen of the United States, the Managing

Director of Mažeikių Nafta AB granting him permission to be a member of the

managing bodies of other enterprises.





Tadas Augustauskas

Head of the Communication Unit

(370 443) 92608