Oil Refineries Schedules Third Quarter 2010 Earnings Release for November 21st, 2010

Conference Call Scheduled for November 22nd, 2010 at 15:00 UK Time, 10:00 ET

HAIFA, Israel, November 15, 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 third quarter 2010 on Sunday, November 21st, 2010.

The Company will be hosting a conference call on Monday,
November 22nd, 2010, at 15:00 UK time (10:00 ET, 17:00 Israel time). On the
call, management will review and discuss the third 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: 1-888-281-1167

UK Dial-in Number: 0-800-917-5108

Israel Dial-in Number: 03-918-0664

International Dial-in Number: +972-3-918-0664

at: 15:00 UK Time, 10:00 ET, 7:00 PT, 17:00 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 November 22nd, 2010.

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

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 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