Klaipedos Nafta AB - Notification on material event

“Klaipėdos nafta” AB terminates loading contract with “Naftos grupė” UAB

In order  to finalise properly the procedure for terminating the contract with
“Naftos grupe”, the company “Klaipėdos nafta” dispatched on March 29 to the
company UAB „Naftos grupė“ a notification informing that it was terminating the
contract concluded with this company on the transshipment of crude oil and oil
products. 

The contract will be considered terminated legally 30 days from the date of the
dispatch of the notification. 

“Klaipėdos nafta” states in the notification that, since September of the
previous year, “Naftos grupė” has not been performing obligations provided for
in the contract whereby “Naftos grupė” was granted exclusive rights to
transship vacuum gas oil. Therefore, the contract is actually not being
performed. 

After termination of the contract the disagreement between parties related to
exclusive rights to “Naftos grupė” will be solved. 


         Chief Financier Johana Bučienė, 8 46 391636