JSC "Ventspils nafta" AGM of shareholders will be held on July 30, 2003

at 10:00, at 23 Ostas Street, Ventspils.

Agenda:

1. Review of the performance in 2002;

2.  Discharge  of  Management  Board  members  from  liability for 2002

operations;

3. Distribution of 2002 profits;

4. Budget and operational plan for 2003;

5. Elections of certified auditor for 2003;

6. Amendments to the Charter;

7. Changes in Management Board;

8.  Establishing of internal audit unit, implementation and revoking of

Audit Commission;

9. Elections of Supervisory Board.



Shareholder registration will take place at the venue of the meeting on

the meeting day - July 30 - from 9:00 till 9:45.

Shareholders  may  participate  at the meeting either in person, or may

delegate a representative or a proxy.

·  Shareholders having a securities account shall present a personal ID

and  a securities account statement issued by the custodian, certifying

blocking of shares on the account;

·  Shareholders  having  their  shares  at  the  Initial Register shall

present a personal ID.

· Representatives and proxies shall present a written proxy, a personal

ID,  and  an  account  statement  issued  by  the  custodian certifying

blocking  of  shares  on  the  account.  A  notary public shall certify

proxies issued by natural persons.

Shareholders shall have their accounts blocked by July 14, 2002 (end of

the business day).

Draft  resolutions  are  available  for  inspection at the Company head

office 75 Talsu Street, Ventspils, Legal Department, starting with July

23 on business days from 9:00 till 16:00, and on the meeting day at the

place of registration at 23 Ostas Street, Ventspils.

Recommendations  and  moves  for  the  draft resolutions are welcome in

writing,  to  be addressed to Company Management Board till the opening

of the meeting.