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Management Boards of VNT and LRT re-elected

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Management Boards of VNT and LRT re-elected

november 26, 2012 / Ventspils nafta

Shareholders’ meetings of Ventspils nafta (VN) subsidiaries LatRosTrans (LRT) and Ventspils nafta termināls (VNT) have repeatedly re-elected the Management Boards of both companies.

Igors Stepanovs has been repeatedly elected as the sole member of the Management Board of LRT for the next three years. He manages the company since April 28, 2010. Previously he has worked in leading positions in a number of international companies for over 20 years – he has worked for Tetra Laval, as well as International Paper holding company at offices in Finland, Russia and Canada. He has been a lecturer of the University of Latvia. Igors Stepanovs has obtained an MBA degree in the prestigious international Institute for Management Development (IMD) in Switzerland.

Lars Pantzlaff has been repeatedly elected as the sole member of the Management Board of VNT for the next three years. He manages the terminal since 2009. Before working for VNT, he has been the Managing Director of the Nigerian company Navgas Ltd., he has managed construction projects in companies in USA and Germany, and he has been the Operations Manager of the German Ingenieurtechnik GmbH. Pantzlaff has received a degree in Mechanical Engineering in the Technical University of Munich, Germany, and a master’s degree in Mechanical Engineering in the Northwestern University of Evanston, specializing in engineering design management.

About JSC Ventspils nafta

JSC Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment, storage and shipping sector. JSC Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies, by promoting the Group’s joint values and growth in value of each individual company.

Joint stock company Ventspils nafta owns 51% in Ventspils nafta termināls Ltd, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in LatRosTrans Ltd, which is the largest Latvian-Russian joint venture in the Baltics; 49.94% in JSC Latvijas kuģniecība, which is among the largest ship owners in the world in the medium-sized and handy tankers category.

Shares of JSC “Ventspils nafta” (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.