MAÞEIKIAI — Mažeikių Nafta’s Shareholders’ Meeting today approved the company’s 2002 financial results.

Based on US Generally Accepted Accounting Principles (US GAAP), Mažeikių Nafta’s audited financial results indicate a total loss of 114.3 million Litas, which is 57.8% less than the company‘s audited loss in 2001 (271.1 million Litas). According to Lithuanian Accounting Principles (LAP), Mažeikių Nafta’s audited financial results show a total loss of 158 million Litas, or 41.1% less than the 2001 loss of 268.7 million Litas.

The General Shareholders’ Meeting approved UAB PricewaterhouseCoopers as Mažeikių Nafta’s new auditing company and established the terms and conditions for remuneration of the new auditor.

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