Management System of Ventspils nafta terminals Ltd Is Being Changed to Ensure Maximum Efficiency

The shareholder's meeting of the shipment company of oil and oil products
Ventspils nafta terminals Ltd, the subsidiary of JSC Ventspils nafta, has
adopted a resolution on changes in the management structure of the Ventspils
nafta terminals Ltd in order to ensure maximum efficiency of the management. In
future, management functions of Ventspils nafta terminals Ltd will be
implemented by supervisory council consisting of four people but economic
activity will be managed by a member of the board, who will be the general
director of the company at the same time. 

The supervisory council of Ventspils nafta terminals Ltd will consist of four
persons. According to resolution of the shareholder's meeting, Olga Pētersone,
the chairperson of the management board of JSC Ventspils nafta has been elected
a chairperson of the supervisory council, but Sam Lambroza and Robert Nijst,
the representatives of Vitol Group - the joint owner of JSC Ventapils nafta and
Ventspils nafta terminals Ltd - as well as Andris Vilcmeiers, the deputy of
chairperson of the supervisory council of JSC Ventspils Nafta, were elected as
members of the supervisory council. 

Ronald Okker whose previous working experience is closely related with the
transport and logistics field internationally, including in the companies of
Vitol Group, has become a member of the board and a general director of
Ventspils nafta terminals Ltd. Before working at the Vitol Group, R.Okker has
worked in the company Royal van Ommeren as transport and logistics manager,
manager of the Hong Kong region, director of Rotterdam agencies and managing
director of the Rotterdam loading terminal. R.Okker has also been the managing
director of the Royal Vopak Durbana terminal in South Africa and managing
director of the Chemgas - gas storage and Europe's major gas shipment fleet
company in Netherlands. In the framework of Vitol, R.Okker is managing director
of Eurotank terminals in Amsterdam and Rotterdam. 

It must be reminded that results of activity of ““Ventspils Nafta” Terminals”
Ltd, a subsidiary company of JSC “Ventspils Nafta” in 2007, when international
oil and gas consortium Vitol Group company became a joint owner, have more than
doubled, and the amount of cargo loading has again exceeded 10 million tons for
the first time since 2003. In comparison with 2006, the loading amount of
““Ventspils Nafta” Terminals” Ltd has increased last year for 133.3%, reaching
the amount 13.3 million tons of crude oil and petroleum products delivered to
the terminal by railway, sea and a diesel petrol pipeline. Loading increase
tendencies in the terminal can be observed also in the beginning of 2008 - the
amount of crude oil and petroleum products loaded in January has increased for
0.3 million tons in comparison with January of 2007. 
Ventspils nafta terminals Ltd is a subsidiary company of JSC Ventspils nafta
where 51% are owned by JSC Ventspils nafta, but 49% - by Euromin Holdings
(Cyprus) Limited (company of the international oil and gas holding company
Vitol). The terminal provides transit services - acceptance of oil and diesel
from pipelines and acceptance, storage and transshipment of diesel, gasoline
and other oil products from the railway and the sea. 

Ventspils nafta terminals Ltd is the largest company of such type in the
region; its oil and oil product reservoir park amounts the size of 1.2 million
cubic metres and it has no analogue among similar companies in the nearest
countries. 




JSC Ventspils nafta
For further information -
Gundega Vārpa,
Tel. No. 7229793;
E-mail: gundega.varpa@vnafta.lv