OREANDA-NEWS. October 12, 2010.  1. To express title of Chapter 1 of Articles of Association of joint stock company “Ventspils nafta” (hereafter referred to as the Articles of Association) in the following wording:
„1. Firm and types of business activity”.

2. To supplement the Articles of Association with a new clause 1.2. in the following wording:
„1.2. The main types of the company’s business activity according to statistical classification (NACE 2nd wording) of economic activity are as follows:
1.2.1. Activity of holding companies (64.2);
1.2.2. Activity of head offices (70.1);
1.2.3. Other types of business activity.

      3. To express Chapter 7 in the following wording:
„7. Audit Committee and Auditor
7.1. Audit committee is elected by shareholders’ meeting for the period of 3 (three) years. Audit committee consists of 3 (three) audit committee members.
7.2. Work of the audit committee is conducted by its Chairman who is elected by audit committee members from among themselves.
7.3. The audit committee works in accordance with regulations approved by it.
7.4. Remuneration of audit committee members is fixed by shareholders’ meeting.
7.5. Audit and auditor’s opinion on annual report of the Company is provided by a certified auditor.
7.6. Every year auditor is selected upon approval of annual report by regular meeting of shareholders.”