Ventspils nafta                                                01.07.2005.



On decisions adopted by Anuuals General Meeting of a/s Ventspils nafta Shareholders





Today, July 1, 2005, the annual general meeting of a/s Ventspils nafta shareholders 

has considered and made decisions regarding the following issues, i.e. Approval of 

Annual reports for the year 2004; Distribution of profit for year 2004; Election of

a sworn auditor for the audit of annual reports for the year 2005; and Election of 

Supervisory Board.



The annual general meeting of shareholders has taken notice of management and 

consolidated report of a/s Ventspils nafta on operating results for 2004, the report 

of the Supervisory Board of a/s Ventspils nafta and the report of auditor on Annual 

Reports for the year 2004; as well as has approved the Annual Report for the year 

2004 and consolidated Annual Report for the year 2004 prepared in accordance with the 

Law on Financial Statements of Companies and the Law on Consolidated Financial 

Statements of Companies of the Republic of Latvia as well as in accordance with 

International Financial Reporting Standards.



Having considered the issue on Distribution of profit for year 2004, shareholders 

have decided to transfer profit of a/s Ventspils nafta parent company for the year 

2004 in the amount of LVL 14,778,252 to restricted and other reserves in accordance 

with regulations of the Republic of Latvia. As pointed out by the auditing company 

Ernst&Young Baltic, after the revaluation of the investment in a/s Latvijas kuģniecība

has been included into the consolidated annual report of a/s Ventspils nafta for the 

year ended 31 December 2004, according to Article 39 of the Republic of Latvia Law on 

Financial Statements of Companies, the profit of a/s Ventspils nafta for 2004 cannot 

be distributed in dividends, but instead should be transferred to restricted reserves. 



As the sworn auditor to audit Annual report and consolidated Annual report of 

a/s Ventspils nafta for the year 2005 the annual general meeting of shareholders has 

elected Diāna Krišjāne and authorised the Management Board of a/s Ventspils nafta to 

conclude Agreement with SIA Ernst&Young Baltic on the audit of Annual Reports for 

the year 2005.



The annual general meeting of a/s Ventspils nafta shareholders has taken notice that 

as from 13 May 2005 Mārtiņš Jansons resigned from his post of the member of the 

Supervisory Board of a/s Ventspils Nafta and hence in accordance with Commerce Law 

it has released the existing members: Jānis Blaževičs, Eižens Cepurnieks, Vladimirs 

Krastiņš, Romāns Mežeckis, Ivars Pāže, Uldis Pumpurs, Vladimirs Solomatins, Ansis 

Sormulis, Voldemārs Strīķis, Mamerts Vaivads from their posts in the Supervisory 

Board of a/s Ventspils Nafta.



The annual general meeting of shareholders has elected the following people as 

members of a/s Ventspils Nafta Supervisory Board for the period of three:  Jānis 

Blaževičs, Vladimirs Krastiņš, Ivars Pāže, Uldis Pumpurs, Vladimirs Solomatins, 

Mamerts Vaivads, Aivars Tiesnesis, Kārlis Boldiševics, Romāns Mežeckis, Mārtiņš Jansons, 

Dans Titavs.



A/s Ventspils nafta

For detailed information please contact –

Gundega Vārpa,

tel. 7229793;

e-mail: gundega.varpa@vnafta.lv