Oil Refineries Schedules Fourth Quarter and Annual 2010 Earnings Release for March 21, 2011

Conference Call Scheduled for March 21, 2011 at 13:30 GMT, 9:30 EST

HAIFA, Israel, March 15, 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 fourth quarter and full year 2010 on Monday, March 21, 2011.

The Company will be hosting a conference call the same day,
Monday, March 21, 2011, at 13:30 GMT (9:30 EST, 15:30 Israel time). On the
call, management will review and discuss the fourth quarter and annual 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:           1-888-407-2553
    UK Dial-in Number:            0-800-917-5108
    Israel Dial-in Number:        03-918-0644
    International Dial-in Number: +972-3-918-0644

at: 13:30 GMT, 9:30 ET, 6:30 PT, 15:30 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.

Oil Refineries' fourth quarter and annual 2010 earnings press
release and financial statements will be available on the Company's website -
www.orl.co.il on March 21, 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
    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