JSC Latvijas naftas tranzīts does not reveal its nominees to the Supervisory Board for JSC Ventspils nafta

The joint stock company Ventspils nafta has received draft resolutions of the
extraordinary shareholders' meeting of JSC Ventspils nafta to be held on July
20, 2007 sent by fax from the law office Heidelberga on behalf of JSC Latvijas
naftas tranzīts as an initiator of the meeting. Having regard of regulations of
the Riga Stock Exchange (RSE) in terms of disclosure of information, as well as
basic principles of good practice for public joint stock companies defined by
it, the Management Board for JSC Ventspils nafta previously sent a written
invitation to JSC Latvijas naftas tranzīts asking to submit in due time the
drafts resolutions of the meeting and a list of its nominees to the Supervisory
Board for JSC Ventspils nafta. 

Under rules of RSE information about last three year's professional experience
of nominees to a supervisory board shall be obligatory disclosed. Draft
resolutions sent by JSC Latvijas naftas tranzīts from Heidelberga office
contain just a text of two items of the agenda. One of them provides for recall
of the Supervisory Board for JSC Ventspils nafta, but another one - election of
11 new members of the Supervisory Board, and no names of concrete nominees for
members of the Supervisory Board are mentioned there. In his letter, Dzintars
Kašs, the representative of JSC Latvijas naftas tranzīts, states that
information about candidates for members of the Supervisory Board nominated by
JSC Latvijas naftas tranzīts will be submitted to shareholders of JSC Ventspils
nafta at the shareholders' meeting as stated by the Commercial Law. 

The extraordinary shareholders' meeting of JSC Ventspils nafta will be held on
July 20, 2007 at 10.00 am in the Ventspils nafta Business Centre at Ostas St.
23 in Ventspils. The following two items are on the agenda of the meeting
taking into consideration the claim of JSC Latvijas naftas tranzīts defined as
a necessity to reelect the Supervisory Board of JSC Ventspils nafta: recall of
the Supervisory Board for JSC Ventspils nafta and election of members of the
Supervisory Board for JSC Ventspils nafta. 

Shareholders' registration on the day of this meeting, 20 July 2007, is planned
from 9 am to 9.45 am at the venue of the meeting. The shareholders have rights
to participate in the meeting individually or by their authorized
representatives or attorneys. Shareholders having a financial instruments
account (securities account) with a credit institution or an investment
brokerage company shall present, upon registration, a passport or other
personal identification document and a receipt confirming blocking of shares on
the account issued by the holder of the financial instruments account
(securities account). 

Shareholders having their securities deposited at the initial register shall
present, upon registration, a passport or other personal identification
document. Representatives and attorneys shall present, upon registration, a
personal identification document and a written power of attorney (the form of
power of attorney is available on the website of JSC Ventspils nafta
www.vnafta.lv) or authorized representatives shall present a document
certifying the authority, but if a shareholder has a financial instruments
account (securities account) with a credit institution or an investment
brokerage company, a receipt issued by the holder of financial instruments
account (securities account) certifying blocking of shares shall be presented. 

Shareholders of JSC Ventspils nafta shall apply for blocking shares on their
financial instruments accounts (securities accounts) not later than by July 10,
2007 (by the end of a business day). 

Draft resolutions on the agenda of the meeting are available upon a request of
shareholders of JSC Ventspils nafta starting from July 6, 2007 till July 19,
2007 at premises of JSC Ventspils nafta, 23 Ostas St., Ventspils, Latvia on all
business days from 2.00 pm till 5.00 pm and on the meeting day - at the venue
of registration, 23 Ostas St., Ventspils. 

The total number of JSC Ventspils nafta voting shares is 104, 479, 519. 





JSC Ventspils nafta
For further information, please contact
Gundega Vārpa
Telephone: 7229793
E-mail: gundega.varpa@vnafta.lv