Oil Refineries Schedules Second Quarter and Six Month 2009 Earnings Release for August 17, 2009

HAIFA, Israel -

- Conference Call Scheduled for August 17, 2009 at 8am ET, 1pm UK

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 and first six months 2009 on Monday, August 17, 2009.

The Company will be hosting a conference call the same day, Monday, August 17, 2009 at 8:00am ET (1:00pm UK, 3:00pm Israel). On the call, management will review and discuss the second quarter and first six months 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: 1-888-281-1167

UK Dial-in Number: 0-800-051-8913

Israel Dial-in Number: 03-918-0650

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

at: 10:00am Eastern Daylight Time, 7:00am Pacific Time; 3:00pm UK, 5:00pm Israel

The conference call will be accompanied by a presentation available for download from the Company’s website, www.orl.co.il, under investor relations.

A replay of the call will be available, after the call, on the Company’s website at www.orl.co.il.

Oil Refineries’ second quarter and first six months 2009 earnings press release and financial statements will be available on the Company’s website - www.orl.co.il prior to the conference call.

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 operates sophisticated and state-of-the-art industrial facilities with refining capacity of 9 million tons of crude oil per year, with 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 Aromatics and Polymers through wholly-owned Gadiv Petrochemical Industries Ltd. and 50% owned Carmel Olefins Ltd. ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company’s website: www.orl.co.il

Contacts Company Contact: Rony Solonicof Chief Economist and Head of Investor Relations Tel. +972-4-878-8320 contactIREn@orl.co.il Investor Relations Contact: Ehud Helft \ Fiona Darmon GK Investor Relations Tel. +1-646-797-2868 \ +972-52-695-4400 info@gkir.com

Source: Oil Refineries Ltd

Contacts: Company Contact: Rony Solonicof, Chief Economist and Head of Investor Relations, Tel. +972-4-878-8320, contactIREn at orl.co.il. Investor Relations Contact: Ehud Helft \ Fiona Darmon, GK Investor Relations, Tel. +1-646-797-2868 \ +972-52-695-4400, info at gkir.com