MAZEIKIU NAFTA

MATERIAL EVENT



ON 29 MAY 2003, THE BOARD OF MAŽEIKIŲ NAFTA AB ADOPTED A RESOLUTION TO APPROVE

OF THE TRANSFER OF STATE-GUARANTEED LOANS TO OTHER LOAN GRANTORS



(Unofficial translation done at the NSEL)



On 29 May 2003, the Board of MAŽEIKIŲ NAFTA AB adopted the following resolution:

To approve of the transfer of the loans of  Yukos International UK B.V. and

Yukos Oil Corporation totaling USD 150 million to new loan grantors -Vilniaus

bank and  Vilnius division of Vereins- und Westbank AG;

Approve of the transfer of the USD 31.5 million loan of Bank of Tokyo

Mitsubishi Ltd. to the new loan grantor Hansabankas.





Giedrius Karsokas

Head of the Communication Unit

(370 443) 92608