MAÞEIKIAI — Маžeikių Nafta reported its preliminary unaudited financial results for the first quarter of 2003 to the Lithuanian Stock Exchange today.

Based on US Generally Accepted Accounting Principles (US GAAP), Маžeikių Nafta earned a net profit of 115.8 million Litas in the first quarter of 2003, compared to a 104.4 million Litas loss during the first three months of 2002.

According to Lithuanian Accounting Principles (LAP), Маžeikių Nafta’s net profit was 140.2 million Litas, compared to losses of 81 million Litas for the same period in 2002.

P. Nelson English, General Director of Маžeikių Nafta, noted that “the financial results for the first three months of 2003 reflect the progress made by our company and the favorable situation in the European crude oil and refined products markets.  Stable operations at the refinery and increased volumes of crude transported, along with improved margins on refining, have been the keys to our success.”

Маžeikių Nafta refined nearly 1.8 million tonnes of crude in the first quarter, which is 300,000 tonnes more than in the same period last year.  The Bûtingë terminal loaded 2.7 million tonnes of crude during the first quarter, compared to 91,200 tonnes in the first quarter of 2002.

According to Mikhail Brudno, Acting President of YUKOS RM and Chairman of the Board of Маžeikių Nafta, “The company has a strong position in the market and the potential for growth. The first three months have given us a chance to show what we can do.  YUKOS Oil Company, as a shareholder and the operator of Маžeikių Nafta, has a great interest in seeing Маžeikių Nafta succeed.”

Маžeikių Nafta paid a total of 423.7 million Litas in taxes to the Lithuanian government in the first three months of 2003, compared to 376,4 million Litas during the same period last year.

Date: April 30, 2003
Contacts:
Giedrius Karsokas
AB Mazeikiu Nafta
tel. +370 443 92608
fax +370 443 92579
giedrius.karsokas@nafta.lt