On resolutions adopted during the regular shareholders' meeting of JSC Ventspils nafta

Today, on 27 April 2007, the regular shareholders' meeting of the joint stock
company Ventspils nafta considered and adopted resolutions on the items of the
agenda announced previously for the shareholders' meeting under the law. 

Shareholders of JSC Ventspils nafta took notice of the management and
consolidated report of JSC Ventspils nafta for operating results of 2006, the
report of the Supervisory Board of JSC Ventspils nafta and auditors' opinion
about reports for 2006. The shareholders' meeting approved the report of JSC
Ventspils nafta for 2006 prepared in compliance with the Law on Annual Reports
of the Republic of Latvia and the consolidated report of JSC Ventspils nafta
for 2006 prepared pursuant to the International Financial Reporting Standards
issued by the International Accounting Standards Board. The shareholders
decided to include in other reserves the profit of the parent company of JSC
Ventspils nafta for 2006 equivalent to 0.1 million Latvian lats. 

According to information disclosed before, the audited consolidated report of
JSC Ventspils nafta for 2006 indicates that consolidated net turnover of JSC
Ventspils nafta Group reached 69.3 million Latvian lats in 2006 while net
profit was equal to 6.85 million Latvian lats, which is by 1.15 million Latvian
lats, or 20.2%, more than planned. For its part, the parent company of JSC
Ventspils nafta made profit to the amount of 0.1 million Latvian lats during
the reporting period. 
 
The shareholders elected the auditing company SIA Ernst &Young Baltic (licence
No.17) as an auditor of the report and consolidated report of JSC Ventspils
nafta for 2007 authorizing the Management Board for JSC Ventspils nafta to
conclude an agreement with SIA Ernst &Young Baltic on audit of the reports of
JSC Ventspils nafta for 2007 and setting remuneration within the approved
budget of the joint stock company Ventspils nafta for 2007. 


JSC Ventspils nafta
For further information, please contact Gundega Vārpa calling 7229793 or
e-mailing to: gundega.varpa@vnafta.lv