The Supervisory Council voted on the replacement of a Board member. Frank Rieger, Vice President of Planning and Control of YUKOS Oil Company, was recalled from the Маžeikių Nafta Board of Directors, and Vladislavas Paulius, General Manager of YUKOS-M Trading House, was elected to take his place.

The Маžeikių Nafta Supervisory Council meeting was followed by a meeting of the company's of Board of Directors. Members of the Board voted to approve Petroval S.A. as commissioning agent for sales of Маžeikių Nafta's waterborne refined products, and to commence the process of terminating the Joint Venture Term Purchase Agreement between Маzeikiu Nafta and BP Oil International Ltd. on the basis of the mutual consent of the parties. Both the Commissioning Agreement with Petroval S.A. and the Deed of Termination with BP Oil International Ltd. are to go into effect as of 1 November  2002.

According to Tom Schneider, General Director of Маzeikiu Nafta, “The Board approved one of the major issues for the future of Маžeikių Nafta—the terms and conditions of the commissioning agreement for the marketing of Маzeikiu Nafta's products in the European market. We are developing our company's business and continuously looking for opportunities to optimize our products exports. We have studied several options and have chosen cooperation with Petroval as the best one in the current business conditions”.

Date: October 18, 2002
Contacts:
Tadas Augustauskas
AB Mazeikiu Nafta
tel. +370 443 92608
fax +370 443 92579
tadas@nafta.lt