Oil Refineries Purchases Remaining Shares of Haifa Basic Oils Ltd

By Oil Refineries Ltd, PRNE
Monday, March 8, 2010

HAIFA, Israel, March 8, 2010 - Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the company,"
"ORL"), Israel's largest oil refiner, announced today that it has acquired
the remaining shares of Haifa Basic Oils Ltd (hereinafter "HBO") from Sonol
Israel Ltd and Granite Hacarmel (investments) Ltd (together hereinafter:
"Sonol"), which held 14% of HBO, in consideration for NIS 35.6 million. The
terms and conditions of the sale are similar to those from ORL's recent
purchase of Delek Ltd's and Paz Ltd's shares of HBO.

With this transaction, the Company has completed its acquisition
of HBO, which will now join ORL's petrochemical sector.

As part of the acquisition, the company was informed of Sonol's
withdrawal from the request of the approval of a derivative claim filed by
other shareholders in HBO, as reported by the company at the acquisition of
Paz holdings. As such, the procedures relating to the lawsuit are expected to
come to an end.

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. +972-4-878-8152
    Contact IREn@orl.co.il

    Investor Relations Contact:

    Ehud Helft / Porat Saar
    CCG Israel
    Tel. (US) +1-646-797-2868 /
    (Int.) +972-52-776-3687

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) +1-646-797-2868 / (Int.) +972-52-776-3687, info at ccgisrael.com.

Filed under: Energy, Gas, Oil

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