Oil Refineries Schedules Fourth Quarter and Annual 2009 Earnings Release for March 21, 2010

Conference Call Scheduled for March 22, 2010 at 13:00 GMT, 9:00 EST

HAIFA, Israel, March 19, 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 fourth quarter and full year 2009 on Sunday, March 21, 2010.

The Company will be hosting a conference call the next day,
Monday, March 22, 2010, at 13:00 GMT (9:00 EST, 15:00 Israel time). On the
call, management will review and discuss the fourth quarter and annual 2009
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:            03-918-0644
    International Dial-in Number:     +972-3-918-0644

At: 13:00 GMT, 9:00 EST, 6:00 PST, 15:00 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 on March 22, 2010.

Oil Refineries' fourth quarter and annual 2009 earnings press
release and financial statements will be available on the Company's website -
www.orl.co.il on March 21, 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:
    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