Extraordinary shareholders' meeting of JSC Ventspils nafta is hot held due to unpredictable circumstances

Shareholders' meeting of the public joint stock company Ventspils nafta was not
held today, on October 15, 2009, due to unpredictable circumstances - one of
the Management Board members had post-surgical complications. For that reason,
according to requirements of Section 278 of the Commercial Law, it was not
possible to ensure quorum of Management Board in order to make and sign list of
shareholders, which is necessary to hold a shareholders' meeting. In order to
ensure reviewing of the issues on the agenda of today's meeting - inter alia
regarding payment of dividends - the Chairman of the Supervisory Council for
JSC Ventspils nafta informed that a Supervisory Council meeting has been
urgently called to elect a new Management Board member of the company. The
Management Board for JSC Ventspils nafta will therefore further on work in
composition of four members as provided in the Articles of Association, thus
avoiding possibility of lack of quorum due to extraordinary circumstances. A
resolution will also be adopted in the nearest future on convocation of a new
extraordinary shareholders' meeting. 

 “We will soon announce convocation of a new extraordinary shareholders'
meeting, because we have to review really relevant issues - both on amendments
to Articles of Association and payment of dividends. As we have informed
before, JSC Ventspils nafta has paid already 6 million lats in corporate income
tax for 2008, and we are glad that all shareholders have the opportunity to
decide on such an important issue as a result of the effective work in the
previous years,” emphasizes President and Chairperson of the Management Board
for JSC Ventspils nafta Olga Pētersone. 

JSC Ventspils nafta has already informed that two issues were included in the
agenda of the extraordinary shareholders' meeting - Amendments to Articles of
Association and Payment of Dividends. 

JSC Ventspils nafta is the central holding company in a transit-oriented Group
whose task is to manage the investments in subsidiaries by promoting the
Group's joint values and growth in the value of each subsidiary individually.
JSC Ventspils nafta Group is working in the following areas: transshipment of
crude oil and petroleum products; transport of crude oil and petroleum products
by pipelines; a shipping business. 



     JSC Ventspils nafta
     For further information -
     Gundega Vārpa,
     Public Relations and Advertising Manager, 
     tel.: +371 67229182;
     e-mail: gundega.varpa@vnafta.lv
     www.vnafta.lv