MAZEIKIAI — Mažeikių Nafta`s Shareholders Meeting today approved the company’s financial results for 2003.

The company earned 220.946 million Litas (71.962 million US dollars) net profit in 2003 according to US Generally Accepted Accounting Principles (US GAAP), compared to a net loss of 114.333 million Litas (31.013 million US dollars) in 2002.

Under Lithuanian Accounting Principles (LAP), Mažeikių Nafta posted a 367.761 million Litas net profit in 2003 compared to a 149.614 million Litas loss in 2002.

Shareholders Meeting elected Piotr S. Zolotariov, acting president of Yukos RM as member of the Supervisory Council. 

The meeting of the Supervisory Council of Mažeikių Nafta followed the Shareholders Meeting and elected Piotr S. Zolotariov as Chairman of the Supervisory Council. 

Following the resignation of Mikhail B. Brudno and Andrey Kalinin as members of the Board of Directors, the Supervisory Council elected Mikhail V. Elfimov, Vice-president of Yukos RM, and Tomas Gizas, head of Yukos Finance B.V representative office in Lithuania, as members of the Board of Directors.

The Board of Directors in their meeting elected Nerijus Eidukevicius, Vice-Minister of Economy of Lithuania, as a Chairman of the Board.

Date: April 30, 2004
Contacts:
Giedrius Karsokas
AB Mažeikių Nafta
tel. +370 610 65298
fax +370 443 92579
giedrius.karsokas@nafta.lt