Mazeikiu Nafta’s Board Makes Principle Decisions to Bring Better Financial Results

08-07-2003  News

VILNIUS  — The Board of Directors of Mazeikiu Nafta held a meeting in Vilnius today and made principle decisions that are to bring better financial results, improve cooperation between the Company and its shareholders, and lay a basis for further operational development. 

The Board approved amendments to the Investment Agreement and Shareholders Agreement, suspending the Management Agreement, which was replaced by Services Agreement.  This replacement means that YUKOS, as the operator of Mazeikiu Nafta, withdrew its right to receive additional payments of 15 percent of actual operator’s expenses. 

Another principle document amended by the Board was the Loan Agreement concluded by Mazeikiu Nafta with the Government of Lithuania, one of the principal shareholders of the Company. The amendments provide for refinancing of the loan on terms more favorable for Mazeikiu Nafta. 

The Board also reconsidered Mazeikiu Nafta budget for 2003 supplementing it with the Butinge Terminal Tanks Construction Project.

One more issue on the agenda was introduction of amendments to the Company’s management structure. Redas Kristanavicius, who had been acting as Deputy General Director for Marketing, was appointed Deputy General Director for Logistics of Crude Oil and Petroleum Products.

Gintaras Kairys, formerly Security Director, was appointed Deputy General Director for Security.

Date: July 8, 2003
Giedrius Karsokas
AB Mazeikiu Nafta
tel. +370 443 92608
fax +370 443 92579

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