Oil Refineries Issues Notice Regarding Sales to Turkish Markets

HAIFA, Israel, June 3, 2010 - Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries" or the
"Company") issued a statement yesterday, in light of the recent publications
regarding the developments in Turkish-Israeli relations, declaring the
Company's expected fuel and petrochemical sales to Turkey in 2010 to be
between 7%-9% of total expected sales.

As of the publication of this announcement, the sale
activities of ORL to Turkey are continuing, as usual.

It should be noted, that the products currently sold by ORL to
Turkey can also be sold to alternative markets by ORL at prices not
materially different. Expected sales for 2010 in Turkey, and other markets,
as well as the information regarding alternative markets, reflect the
knowledge and assessments of the Company at the time of the publication of
this report, and can change based on global market developments, each target
market's environment, the Company's business plans and the product demands by
its customers. Therefore, there is no certainty that these estimates, which
depend largely on factors over which the Company has no control, will be
realized.

About Oil Refineries Ltd.

Oil Refineries Ltd. (ORL), located in the bay area of the city
of Haifa, operates Israel's largest oil refinery. ORL runs sophisticated and
state-of-the-art industrial facilities with a refining capacity of 9.8
million tons of crude oil per year and a Nelson Complexity Index of 7.4,
providing a variety of quality products used in industrial operation,
transportation, private consumption, agriculture and infrastructure. The
Company is also active in the area of Polymers and Aromatics through its
holdings in Carmel Olefins Ltd and Gadiv Petrochemical Industries Ltd. The
Company's shares are listed on the Tel Aviv Stock Exchange under the ticker
ORL. For additional information please visit www.orl.co.il.

The above noted in this release includes forward-looking
statements based on Company data, as well as Company plans and estimations
based on this data. The activity, results and other data may be substantially
different in reality given uncertainty and various risks, including those
discussed under risk factors in the Company's financial statements and
Director's reports.

    Company Contact:                   Investor Relations Contact:

    Rony Solonicof                     Ehud Helft / Porat Saar
    Chief Economist and Head of IR     CCG Israel
    Tel. +972-4-878-8152               Tel. (US) +1-646-233-2161 /
    Contact IREn@orl.co.il             (Int.) +972-52-776-3687
                                       info@ccgisrael.com

Company Contact: Rony Solonicof, Chief Economist and Head of IR, Tel. +972-4-878-8152, Contact IREn at orl.co.il; Investor Relations Contact: Ehud Helft / Porat Saar, CCG Israel, Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687, info at ccgisrael.com