JSC  "Ventspils  nafta"  Supervisory  Board  extraordinary meeting has

reviewed resignations of three Management Board members and has decided

to approve the resignations, which are based on personal reasons. Igors

Skoks,  Chairman  of  the Management Board and President, will quit his

position   from  July  1,  2002;  Olafs  Berķis,  Deputy  Chairman  and

Vice-President  -  from  June  1,  2002;  Jeļena  Biktaševa, Commercial

Director - from July 26, 2002.

General  meeting  of  shareholders,  which,  pursuant  to  the  Company

Charter,  has  the  authority to elect and revoke the management bodies

(including Management Board members), will convene on July 26, 2002.

Supervisory  Board approves of the performance of the former Management

Board,  chaired by I.Skoks. Changes in JSC "Ventspils nafta" Management

Board  are  not expected to have any hindering effect on purposeful and

active  Company  operations. "Ventspils nafta" continues to be a stable

and   reliable   partner  to  its  clients  in  oil  transit  business,

consolidating its positions in the Baltic region.