Oil Refineries, Together With Delek Investment and Assets, Submits Full Tender Offer for Gadot Biochemicals

HAIFA, Israel - Oil Refineries Ltd. (TASE: ORL.TA) (the “Company”), Israel’s largest oil refiner, announced that today that on May 27, 2009, the Company, together with Delek Investment and Assets Ltd. (jointly the “Offererors”) submitted to the Israel Securities Authority, the Tel Aviv Stock Exchange and to Gadot Biochemical Industries Ltd. (hereinafter: “Gadot”) the outline for a full tender offer (hereinafter: the “Outline”), under which the Offererors turn to the shareholders of each of Gadot’s regular shares of NIS 0.1 par value each (hereinafter: the “Shares”) excluding Gadot (which holds 60,000,000 shares, which, according to section 308 of the Israel Companies Law do not grant any rights whatsoever) and excluding the Offerers themselves (hereinafter: the “Offerees”), with an offer to buy by means of a full tender offer, according to section 336 of the Israel Companies Law 1999, all their shares under the said Outline.

Based on the terms of the Outline, the Offerees have the right to submit an acceptance announcement to the tender offer starting from the date of the Outline, May 27, 2009, and until June 22, 2009 at 15:00 (hereinafter: the “Last Date of Acceptance”), by means and at the times set in the Outline. Acceptance announcements submitted after the Last Date of Acceptance, will not be accepted.

It is possible to view the full Hebrew wording of the Outline in the report published with regards to the submission of the Outline dated May 27, 2009, on the distribution website of the Israel Securities Authority www.magna.isa.gov.il as well as on the website of the Tel Aviv Stock Exchange maya.tase.co.il.

The full wording of the Outline is binding, and this announcement or its content are neither binding on the Offerors nor serving as any form of offer on behalf of the Offerors.

About Oil Refineries Ltd.

Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, is 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: Igal Salhov, Chief Financial Officer, Oil Refineries Tel. +972-4-878-8152 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: Igal Salhov, Chief Financial Officer, Oil Refineries, Tel. +972-4-878-8152, 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