VILNIUS – Today, December 19, Mazeikiu Nafta’s Supervisory Council and Board of Directors held their meetings in Vilnius.
Mazeikiu Nafta’s Supervisory Council and Board of Directors approbated the company’s audited consolidated financial statement for the first nine months of 2002.
Based on US Generally Accepted Accounting Principles (GAAP), Mazeikiu Nafta's audited loss was 174.8 million Litas, compared to 163.6 million Litas for the same period in 2001. Based on Lithuanian accounting principles (LAP), Mazeikiu Nafta’s audited loss for the first nine months of 2002 was 269.4 million Litas, compared to 151.9 million Litas for the same period last year.
Mazeikiu Nafta’s Board of Directors appointed a new General Director of the company. Paul Nelson English, previously Senior Vice President, Refining & Chemical Division and Aruba Country Manager with El Paso/Coastal Corporation filled the position. He replaced acting General Director of Mazeikiu Nafta, Thomas Schneider, whose authority in this position had expired.
According to the Chairman of the Board of Directors of Mazeikiu Nafta, Michail Brudno, “We spent the time needed to select the new top executive to be sure we’ve made the best possible choice. The experience and capabilities Mr. English has gained in his previous career should help Mazeikiu Nafta in becoming one of the leading market players in European oil refining and transportation business as well as in achieving our common goals”.
The Board of Mazeikiu Nafta also voted to terminate the activities of the company’s offices in Vilnius, Moscow, and Kiev and considered current issues of the agenda.
Contacts: Tadas Augustauskas
AB Mazeikiu Nafta
Tel.: +370 443 9 26 08
Mob: +370 698 74078
Fax: +370 443 9 25 email@example.com