On changes in administrative body of the Supervisory Board for JSC Ventspils nafta

The Supervisory Board for the joint stock company Ventspils nafta has adopted a
decision on changes in administrative body of the Supervisory Board to ensure
as effective work of it as possible. 

Due to long-term serious health problems of Mamerts Vaivads, the former
chairman of the Supervisory Board for JSC Ventspils nafta, the Supervisory
Board for JSC Ventspils nafta has elected Vladimirs Solomatins a chairman of
the Supervisory Board. He performed functions of a deputy chairman of the
Supervisory Board for JSC Ventspils nafta for many years, is a doctor of
economics and a professional and specialist in the sphere of crude oil and
petroleum products transit. In compliance with the Supervisory Board's decision
Euromin Holdings (Cyprus) Limited, a company of the international oil transport
consortium Vitol Group and foreign shareholder of JSC Ventspils nafta, has
extended its influence over this administrative institution of JSC Ventspils
nafta thanks to its representatives getting another one of three positions of
deputy chairmen of the Supervisory Board. 

V. Solomatins holds office in the Supervisory Board for JSC Ventspils nafta
since 2003. V. Solomatins is a doctor of economics educated in Business School
Lausanne in Switzerland, Moscow State Institute of Business Administration in
Russia and the University of Latvia. The new chairman of the Supervisory Board
for JSC Ventspils nafta is a Russian-, Latvian- and English-speaking
academician of the International Informatization Academy and recognized
authority in economy (in more specific terms, transit business matters) among
experts and his colleagues. 

Jeffrey Martz and Dennis Crema, who held office of a deputy chairman of the
Supervisory Board for JSC Ventspils nafta also previously, both representing
the company Vitol are the newly elected deputy chairmen of the Supervisory
Board for JSC Ventspils nafta. The member of the Supervisory Board Andris
Vilcmeiers dealing with internal audit matters of JSC Ventspils nafta will
further fill an office of the third deputy chairman of the Supervisory Board. 

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