Investments in Ventspils discussed with EBRD

May 25, 2000

The EBRD Natural Resources Director Kevin Bortz paid a short visit to
Ventspils May 23 to hold a meeting with the joint-stock company
"Ventspils Oil"

President Igors Skoks, Ventspils Mayor Aivars Lembergs, the
joint-stock company Western Pipeline System President Janis
Blazevics.Lembergs noted that during the discussion, issues linked to
attracting investments were discussed.

"Our views were similar on economic efficiency and transport logistics
issues," said Lembergs.

A decision was also made to cooperate with EBRD actively, since the
bank is one of organizations that back projects of the joint-stock
railroad company Latvijas dzelzcels, besides, consultation on issues
pertaining to oil transit through Latvia will also continue, said
Lembergs.

Latvia's Ambassador in Denmark Aivars Baumanis also took part in the
meeting. He was consulted on options for Denmark's investments in the
development of small and medium-sized enterprises in Ventspils.

"They could be in the fish processing, light industry, engineering
industry, wood processing sectors. We will work on these future
investmen projects," added Lembergs.

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