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Member of the Ventspils nafta Management Board re-elected

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Member of the Ventspils nafta Management Board re-elected

july 1, 2013 / Ventspils nafta

The Supervisory Council of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) has re-elected Aleksej Tarasov as the company’s Management Board member for a period of three years. He has worked as a member of the company’s Management Board since January 2011. His new term of office starts on June 26, 2013. Both other Management Board members – Simon Boddy and Boris Bednov – had also already previously been re-elected for a period of three years.

In turn the Company’s Supervisory Council, which was elected for a period of three years by the shareholders’ meeting on July 25 last year, will continue working in incomplete composition. Olafs Berķis has resigned from the position of Supervisory Council member, therefore the Supervisory Council will continue working in composition of 10 members. Members of the Supervisory Council do not receive remuneration for their work in the Supervisory Council. According to the Articles of Association of JSC Ventspils nafta, there must be at least 6 members in the company’s Supervisory Council.

The Chairman of the Ventspils nafta Supervisory Council is Vladimir Egger, he chairs the company’s Supervisory Council already since 2010 and has almost 30 years of professional experience in the field of commodities trading in international markets. The Deputy Chairman of the Supervisory Council is Mikhail Dvorak, he is the Financial Controller of Vitol Group and Finance Director at Vitol Group’s companies in the CIS countries.

 

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 and storage, as well as 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.

JSC 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 leading 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.