Oil Refineries Schedules Second Quarter 2010 Earnings Release for August 23rd, 2010

Conference Call Scheduled for August 23rd, 2010 at 14:00 UK Time, 9:00 ET

HAIFA, Israel, August 16, 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 second quarter 2010 on Monday, August 23rd, 2010.

The Company will be hosting a conference call on Monday,
August 23rd, 2010, at 14:00 UK time (9:00 ET, 16:00 Israel time). On the
call, management will review and discuss the second 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:                      1-888-668-9141
    UK Dial-in Number:                       0800-917-5108
    Israel Dial-in Number:                   03-918-0644
    International Dial-in Number:            +972-3-918-0644

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 on August 23rd, 2010.

Oil Refineries' second quarter 2010 earnings press release and
financial statements will be available on the Company's website -
www.orl.co.il on August 23rd, 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 IR
    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 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