Oil Refineries Publishes Shelf Prospectus

HAIFA, Israel, May 20, 2010 - Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries" or the
"Company") announced that it has filed a shelf prospectus in Hebrew. This
shelf prospectus will enable the Company to swiftly and efficiently raise
capital from the Israeli capital market during the next two years. This
Prospectus will grant Oil Refineries the highest level of flexibility to
choose the optimal time and scope of the capital raising, while enabling the
Company to issue a broad variety of securities, as follows:

    - 600 million Ordinary shares of the Company in the value of NIS 1 each.

    - Up to 10 bond series, where each series will have a nominal
      value of up to NIS 2 billion.

    - Up to five convertible bond series, where each series will
      have a nominal value of up to NIS 2 billion.

    - Up to five series of share options, where each of the option
      series will include no more than 2 billion options.

    - Up to five series of bond options, where each of the option
      series will include no more than 20 million options, with a value of
      NIS 100 each.

    - Up to the value of NIS 2 billion in bonds (Series A), issued
      to expand the series of marketable securities traded, which was
      initially issued according to the Company's prospectus dated November
      28, 2007.

    - Up to the value of NIS 2 billion in bonds (Series B), issued
      to expand the series of marketable securities traded, which was
      initially issued according to the Company's 2007 prospectus.

    - Up to the value of NIS 2 billion in bonds (Series C), issued
      to expand the series of marketable securities traded, which was
      initially issued according to the Company's 2007 prospectus.

The shelf prospectus does not include an offer to the public
and there is no certainty that the company will raise capital according to
it.

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.

    Company Contact:
    Rony Solonicof
    Chief Economist and Head of Investor Relations
    Tel. +972-4-87- 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. +972-4-87- 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