OREANDA-NEWS. July 12, 2010. The extraordinary shareholders' meeting of the public joint stock company Ventspils nafta elected the Supervisory Council for JSC Ventspils nafta consisting of 11 persons for a period of the next three years.

Representatives nominated by the company's major shareholders - international corporation Vitol Group's subsidiary Euromin Holdings (Cyprus) Limited, JSC Latvijas Naftas Tranzits and shareholders group consisting of Global Oil Services Limited, Avenue Emerging Markets Fund Ltd, Del Piero Financial Corp., SIA Reval Investments - are elected in the Supervisory Council. The following persons are elected to the Supervisory Council to JSC Ventspils nafta: Javed Ahmed, Mikhail Dvorak, Vladimir Egger, Rubil Yilmaz, Mark Ware, Christophe Theophanis Matsacos, Olegs Stepanovs, Edgars Jansons, Rudolf Meroni, Michael Hason, David Alexander Schlaff.

Shareholders of JSC Ventspils nafta also adopted a resolution that members of Supervisory Council will not have remuneration fund and Vladimir Egger is asked to convene first meeting of the new Supervisory Council.

In the extraordinary shareholders meeting 97,53% of the total amount of VN shares with voting rights were represented.

VN management is pleased that an efficient and legitimate shareholders meeting has taken place and hopes that this meeting will signify a stable and more business focused phase in the development of VN, for the benefit of all shareholders.

JSC Ventspils nafta is the central holding company in a transit-oriented Group whose task is to manage the investments in subsidiaries by promoting the Group's joint values and growth in the value of each individual subsidiary.

JSC Ventspils nafta Group is working in the following areas: transshipment of crude oil and petroleum products; transport of crude oil and petroleum products by pipelines; shipping.