Oil Refineries Schedules Third Quarter 2009 Earnings Release for November 11, 2009

HAIFA, Israel -

- Conference Call Scheduled for November 11, 2009 at 1:30pm UK, 8:30am ET

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 third quarter 2009 on Wednesday, November 11, 2009.

The Company will be hosting a conference call the same day, Wednesday, November 11, 2009, at 8:30 am ET (1:30pm UK, 3:30pm Israel). On the call, management will review and discuss the third quarter 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: 1-800-994-4498 UK Dial-in Number: 0-800-917-9141 Israel Dial-in Number: 03-918-0644 International Dial-in Number: +972-3-918-0644 at: 8:30am Eastern Time, 5:30am Pacific Time; 1:30pm UK, 3:30pm Israel

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’ third quarter 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 9.8 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

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

Source: Oil Refineries Ltd

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