Oil Refineries Announces Results of Extraordinary General Meeting and Change of Outlook by Standard & Poor's Maalot

 Oil Refineries Announces Results of Extraordinary General Meeting and Change
                    of Outlook by Standard & Poor's Maalot

  PR Newswire

  HAIFA, Israel, December 4, 2012

HAIFA, Israel, December 4, 2012 /PRNewswire/ --

Oil Refineries Ltd. (TASE: ORL.TA)(hereinafter  " the  C ompany, " " ORL " )
, Israel's largest integrated refining and petrochemical group, announced that
it has reapproved the providing of a letter of indemnity for Mr. David
Federman, vice chairperson of the Company's board of directors and one of its
controlling shareholders during the Company's Extraordinary General Meeting of
its shareholders on December 2, 2012. 97.7% of the shareholders participating
in the vote, voted in favor of the resolution. 90.1% of the shareholders
participating in the vote that did not have a personal interest in the
resolution voted in favor of the resolution.

The Company also announced that Standard & Poor's Maalot confirmed ORL's
credit rating of ilBBB+ and changed its outlook from stable to negative. S&P
Maalot's translation of the full report is available on the Company's website.

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. Besides production of
fuels, the company produces in its wholly owned subsidiaries Polymers (through
Carmel Olefins Ltd), Aromatics (through Gadiv Petrochemical Industries Ltd),
and Lube-Oils (through 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 http://www.orl.co.il .

ORL is controlled by the Israel Corporation Ltd. and Israel Petrochemical
Enterprises Ltd., both public companies whose shares are traded on the Tel
Aviv Stock Exchange.

 The above noted in this release includes forward-looking statements based on
Company data, as well as Company plans and estimations based on this data. The
  activity, results and other data may be substantially different in reality
  given uncertainty and various risks, including those discussed under risk
     factors in the Company's financial statements and Director's report

Company Contact: Rony Solonicof Chief Economist and Head of Investor Relations
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