Pursuant  to the resolutions of JSC "Latvijas kuģniecība" extraordinary

general  meeting  of shareholders on November 7, 2002, Management Board

members  Ilmārs  Krūms  and  Jānis Rocēns, as well as Supervisory Board

members  Ivars  Teišerskis,  Ivars  Muravskis, Vladislavs Skrebelis and

Zigurds Vaivods were revoked from their positions.

Considering  the  above  information  and pursuant to the provisions of

Item  7  of Article 3 of the Group of Companies Law, "Ventspils nafta",

without  increasing  its participation and without electing new members

to  the  Management  Board  or  to  the Supervisory Board, has obtained

decisive  influence in "Latvijas kuģniecība" based on participation and

according  to  the  circumstances specified in Item 3.3 of Article 3 of

the Group of Companies Law.