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

Today, on April 30, 2008, the regular shareholders' meeting of JSC Ventspils
nafta has considered and adopted resolutions on all issues on the agenda of the
shareholders' meeting previously announced according to law. 

JSC Ventspils nafta shareholders took knowledge of the consolidated report of
JSC Ventspils nafta management on operative results of 2007, the report of the
Supervisory Council of JSC Ventspils nafta and the auditor's opinions on
operative results of 2007. The shareholders' meeting affirmed the annual report
of JSC Ventspils nafta for 2007 that was prepared in accordance with the Law on
Annual Reports of the Republic of Latvia and the consolidated annual report of
JSC Ventspils nafta for 2007 that was prepared in accordance with the
International Finance Reports Standards issued by the International Accountancy
Standards Board. Shareholders decided to transfer the profit of JSC Ventspils
nafta holding of 2007 to the remaining reserves, by diverting it for further
development of the company. 

JSC Ventspils nafta has already informed that the Group's consolidated net
profit reached 49.6 million lats in 2007, for its part net turnover was more
than 82 million lats, which is 12 million lats more than in 2006. Even though
several companies of JSC Ventspils nafta operated under influence of pressure
of negative external circumstances in 2007, especially in relation to oil
transshipment interruption via pipeline in the direction of Lithuania for
already two years, increase in economic activities of the Group companies can
be observed in 2007, which is shown by increase in the JSC Ventspils nafta
consolidated gross profit by 48.5%, reaching 9.8 million lats. 

The shareholders' meeting of JSC Ventspils nafta adopted also a decision on
electing the auditing firm Ernst&Young Baltic Ltd (commercial enterprise
license No. 17) as the auditor of the  annual report and the consolidated
annual report of the company for 2008. 

Unfortunately, as it can be observed lately, a part of shareholders also at
this time did not comply with the Regulations on the process of the
shareholders' meeting affirmed by them, and tried to affect destructively the
constructive work of the shareholders' meeting. As usually, the lawyer Mārtiņš
Kvēps stood out by disturbing the work of the Chairperson of the Meeting and
the other shareholders when he missed submission of the proposals in compliance
with the established procedure, and therefore did not comply with the mentioned
Regulations. It is worth to mention that in this shareholders' meeting, M.Kvēps
represented not only JSC Latvijas naftas tranzīts but also the offshore company
Avenue Emerging Markets, which has been claimed until now by him to have
connection with other people familiar in Latvia. “In general, the shareholders'
meeting of JSC Ventspils nafta was very constructive. Unfortunately, once again
a theater of one person played by M.Kvēps could not be avoided despite the
Regulations affirmed by the shareholders. The better the results of the JSC
Ventspils nafta Group are, the more somebody tries to disturb our work,” the
Chairperson of the Supervisory Council of JSC Ventspils nafta Vladimirs
Solomatins admitted. 


JSC Ventspils nafta
Further information -
Gundega Vārpa, Public Relations and Advertising Manager
tel. 7229793; e-mail: gundega.varpa@vnafta.lv