Oil Refineries Schedules First Quarter 2011 Earnings Release for May 23, 2011

Conference Call Scheduled for May 23, 2011 at 14:00 UK Time, 9:00 EST

HAIFA, Israel, May 16, 2011 - 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 2011 on Monday, May 23, 2011.

The Company will be hosting a conference call the same day,
Monday, May 23, 2011, at 14:00 GMT (9:00 EST, 16:00 Israel time). On the
call, management will review and discuss the first quarter 2011 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: 1-888-668-9141

UK Dial-in Number: 0-800-917-5108

Israel Dial-in Number: 03-918-0650

International Dial-in Number: +972-3-918-0650

at: 14:00 UK Time, 9:00 ET, 6:00 PT, 16:00 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.

Oil Refineries' first quarter 2011 earnings press release and
financial statements will be available on the Company's website -
www.orl.co.il on May 23, 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.

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

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