Oil Refineries Ltd Appoints Mr. Pinhas Buchris as CEO

HAIFA, Israel, April 5, 2011 - Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company,"
"ORL"), Israel's largest integrated refining and petrochemical group,
announced the appointment of Mr. Pinhas Buchris as Chief Executive Officer of
ORL, effective May 1, 2011.

In his previous role, Mr. Buchris served as General Manager of
the Israel Ministry of Defense from 2007-2010. Before that he was a Managing
partner in Apax Fund, a private equity investment group.

Mr. Buchris completed an Advanced Management Program at
Harvard University, a BSc in Computer Sciences at the Technion University and
an MBA at Derby University's Israel branch.

Mr. Yossi Rosen, Chairman of the Board of Oil Refineries: "The
Company and Board of Directors are happy to welcome Mr. Buchris as CEO of
ORL. We are confident in Mr. Buchris' abilities to continue leading ORL and
implementing its strategic plan, so that it can stay on track with its goal
of becoming the strongest and most competitive refining and petrochemical
company in the Mediterranean Basin."

Mr. Rosen thanked outgoing CEO, Mr. Yashar Ben Mordechai for
his eleven years of service as CEO of ORL and wished him luck on his future
role as Senior Advisor for Projects and Business Development.

Additional announcements

(1) A convenience translation of a full report outlining the
details of the new CEO's remunerations terms, will be available on ORL's
investors relations website (www.orl.co.il, under "investors
relations"), by the week of April 11, 2011.

(2) Mr.Hanan Klachouk, the General Manager of ORL's Industrial
Sector, notified the Company about his resigning, effective from of June 30,
2011.

About Oil Refineries Ltd.

Oil Refineries Ltd. (ORL), located in the bay area of the city
of Haifa, operates Israel's largest integrated refining and petrochemical
group. It is one of the leading refineries in the Eastern Mediterranean area
and integrates, on-site, petrochemical businesses. 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's petrochemical sector produces Polymers (through its ownership of
Carmel Olefins Ltd), Aromatics (through its ownership of Gadiv Petrochemical
Industries Ltd), and Lube-Oils (through its ownership of Haifa Basic Oils
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.

ORL is controlled by the Israel Corporation Ltd. and Israel
Petrochemical Enterprises Ltd., both public companies whose shares are traded
on the Tel Aviv Stock Exchange.

    Company Contact:
    Rony Solonicof
    Chief Economist and Head of Investor Relations
    Tel. +972-4-878-8152
    Contact IREn@orl.co.il

    Investor Relations Contact:
    Ehud Helft / Porat Saar
    CCG Israel
    Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
    info@ccgisrael.com

Company Contact: Rony Solonicof, Chief Economist and Head of Investor Relations, 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 .