JSC  "Ventspils  nafta" general meeting of shareholders on its meeting

on May 23, 2002 resolved on the following:

1.  To  approve  "Ventspils  nafta"  Management report and consolidated

group report on 2001 results.

2.  To  approve  "Ventspils nafta" Annual Report and consolidated group

report  for  2001,  prepared  in compliance with the Latvian accounting

standards, and the 2001 budget fulfilment.

3.  To  approve  "Ventspils nafta" Annual Report and consolidated group

report  for  2001, prepared in compliance with International Accounting

Standards.

4.  To  discharge  Management  Board members Igors Skoks, Olafs Berķis,

Jānis Ādamsons, Jeļena Biktaševa, Ritvars Priekalns from responsibility

for 2001 operations.

5.  With  the  view  of "Ventspils nafta" cash flow projections for the

next five years and the investment programme for the years 2000 through

2005, as well as the increasing competition in the Baltic Sea region in

oil  and oil product transit business, to resolve on the 2001 profit of

LVL 24,716,343 distribution as follows: not to pay dividends, to retain

the profit in the company reserves and utilise according to the Company

budget and investment programme.

6. To approve Company budget for 2002:

- operational revenues LVL 54 million;

- net profit LVL 7.2 million.

As  a  part  of  the Company investment programme, "Ventspils nafta" in

2002  will proceed with modernisation and development projects LVL 17.5

million worth.

7.  To  authorise  Management  Board  with  2002  budget  drafting  and

amending, subject to approval by Supervisory Board.

9. To elect certified auditor Diāna Krišjāne(certificate #124), to sign

an  agreement with Arthur Andersen, Ltd and to approve the extension of

the agreement with Ernst & Young, Latvia.