Draft resolutions of the regular shareholders` meeting of JSC Ventspils nafta on April 30, 2008

Approval of the annual report for 2007                     


1. To take notice of the management and the consolidated report of the joint    
stock company “Ventspils nafta” about operating results of 2007, the report of  
the Supervisory Board for JSC “Ventspils nafta” and opinions of the auditor on  
reports for 2007.                                                               

2. To approve the annual report of the joint stock company “Ventspils nafta” for
2007 prepared in compliance with the Law on Annual Reports of the Republic of   
Latvia.                                                                         

3. To approve the consolidated report of the joint stock company “Ventspils     
nafta” for 2007 prepared in compliance with the International Financial         
Reporting Standards issued by the International Accounting Standards Board.     



                       Application of the profit of 2007                        


1. To transfer net profit of JSC “Ventspils nafta” (holding company) for 2007 in
total amount of LVL 39 450 053 (thirty nine million four hundred fifty thousand 
fifty three lats) to other reserves by allocating it to further development of  
JSC “Ventspils nafta”.                                                          



            Election of an auditor for auditing of reports for 2008             


1. To elect the auditing company “Ernst&Young Baltic” Ltd (company licence No.  
17) as an auditor of the annual and the consolidated report of the joint stock  
company “Ventspils nafta” for 2008.                                             

2. To authorize the Management Board for JSC “Ventspils nafta” to conclude an   
agreement with “Ernst&Young Baltic” Ltd on auditing reports of the joint stock  
company „Ventspils nafta” for 2008 setting remuneration within the approved     
budget of the joint stock company “Ventspils nafta” for 2008.