Ventspils nafta                                                  11.11.2004.



It Has Been Decided to Increase Equity of Ventspils Nafta Termināls – 

the Daughter Company of Ventspils Nafta 



Today, on November 11th, the Council of the Joint Stock Company Ventspils Nafta 

has decided to increase the equity of Ventspils Nafta Termināls, Ltd. which is 

the daughter company of Ventspils Nafta.



The Ventspils Nafta Termināls’ equity will be increased by 1’224’400 Lats or 12’224 

capital shares. Upon the increase the equity of Ventspils Nafta Termināls will 

reach 78’541’800 Lats that will make up of 785’418 capital shares with the share 

nominal value of 100, - Lats each. All capital shares of Ventspils Nafta Termināls, 

Ltd. are owned by Ventspils Nafta.



The equity increase of Ventspils Nafta Termināls, Ltd. is connected with the 

capitalization of some debt for assets invested by Ventspils Nafta to secure the 

main business activities of Ventspils Nafta Termināls.

 

The outsourcing of the functions to handle the transshipment of crude oil and 

petroleum products as well as other business activities from the functions of the 

central holding society within Ventspils Nafta holding has been implemented in 

accordance with the recommendations of the auditing company Ernst & Young Baltic 

with respect to the improvement of the management and control system. This process 

started in 2003.