Oil Refineries Schedules First Quarter 2010 Earnings Release for May 24, 2010

Conference Call Scheduled for May 24th, 2010 at 14:30 UK Time, 9:30 ET

TEL AVIV, Israel, May 20, 2010 - Oil Refineries Ltd. (TASE: ORL.TA) (the "Company"), Israel's
largest oil refiner, announced today that it will be releasing its financial
results for the first quarter 2010 on Monday, May 24th, 2010.

The Company will be hosting a conference call on Monday, May
24th, 2010, at 14:30 UK time (9:30 ET, 16:30 Israel time). On the call,
management will review and discuss the first quarter 2010 financial results
and will be available to answer questions.

To participate, please call one of the following
teleconferencing numbers. Please begin placing your calls at least 10 minutes
before the conference call commences. If you are unable to connect using the
toll-free numbers, please try the international dial-in number.

    US Dial-in Numbers:             1-866-860-9642
    UK Dial-in Number:              0-800-051-8913
    Israel Dial-in Number:             03-918-0692
    International Dial-in Number:  +972-3-918-0692

at: 14:30 UK Time, 9:30 ET, 6:30 PT, 16:30 Israel time. A replay
of the call will be available after the call on the Company's website at
www.orl.co.il.

The conference call will be accompanied by a presentation
available for download from the Company's website, www.orl.co.il, under
investor relations on May 24th, 2010.

Oil Refineries' first quarter 2010 earnings press release and
financial statements will be available on the Company's website -
www.orl.co.il on May 24th, 2010.

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:                   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