JSC  Ventspils  nafta Supervisory Board has reviewed and confirmed JSC

Ventspils nafta operational and financial results for 6 month of 2002.

During  first 6 month JSC Ventspils nafta has reloaded 9.3 million tons

of oil and oil products, that is, 5.5 million tons of crude oil and 2.7

million  tons  of  diesel fuel and 1.1 ton of other products. Company's

net  turnover during this period reached LVL 19.5 million, net profit -

LVL 2 million.

Decrease in reloading of oil and oil products by 2.4 million compare to

same period of last year caused decrease of financial results.

As  previously reported by company management changes in competition in

Baltic  region  such  as  operations  of  Primorsk oil terminal at full

force,  Russian  limits  on  export  of  crude  oil,  low timetables on

transportation  of crude oil approved by Russian Ministry of Energy had

a negative effect on JSC Ventspils nafta operations.

Decrease  of  financial  ratios was affected by fluctuation of currency

exchange rates as well.

JSC  Ventspils  nafta  plan of operations approved by AGM foresees that

above   mentioned   circumstances   will  continue  to  affect  company

operations  to the end of year. Therefore essential importance acquires

implementation   of   modernisation   programme  over  past  years  and

co-operation  with  clients  that  provide  stable  functioning  of oil

terminal  and reloading of oil and oil products at the monthly level of

1 million tons.