BUTINGE — The Board of Directors of AB Mаzeikiu Nafta today approved company’s Management Plans that define company’s general development strategy till year 2009.
“We worked diligently to analyze many reasonable alternatives as time allowed and are pleased that both major shareholders—Yukos and Government of Lithuania agree on the plan defined by the company.”,—says P. Nelson English, General Director of Mazeikiu Nafta. ”That is a vote of confidence in the direction we have recommended to ensure Mazeikiu Nafta’s survival and profitability for the future”.
The Management Plans include a “Modernization Program”. Mazeikiu Nafta is forecasting the investment of approximately 400 million US dollars in Modernization projects to meet upcoming European clean fuel and air emission standards and “bottoms upgrading”, which is still in the process of evaluation.
The Board has also approved company’s financial results for six months of 2004. As it has been announced Mazeikiu Nafta earned 232.2 million Litas (82.4 million US dollars) net profit during the first six months of 2004 under U.S. Generally Accepted Accounting Principles (US GAAP), compared to 74 million Litas (23 million US dollars) net profit during the same period in 2003.
The Board of Directors has generously agreed to grant 650 thousand Litas support to assist in completion of construction of Mazeikiai Church of St. Francis of Assisi. The Shareholders and Mazeikiu Nafta personnel are proud to be a part of this contribution to Mazeikiai community.
The Board has also considered other items on the agenda.
Date: October 15, 2004
AB Mazeikiu Nafta
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