HAIFA, Israel, September 29 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries" or the "Company") announced that subsequent to the Company's announcements dated July 8, 2008 and July 29, 2008 with respect to its entering into an agreement with Israel Petrochemical Enterprises ("IPE") for the acquisition of the 50% balance of shares in Carmel Olefins Ltd. ("CAOL") in exchange for the allocation of 20.53% of the Company's share capital (the "Allocated Shares") and the sale of the Company's shareholding in IPE (the "Agreement"), which was approved by the Company's Special General Shareholders Meeting on August 13, 2008, the Company, following receipt of both Audit Committee and Board of Directors approval, signed, on September 28, 2008, an addendum to the agreement. The purpose of the said addendum is to enable the completion of the agreement and the execution of the merger, between the Company and CAOL (in addition to the sale of the IPE shares held by the Company) also in the instance whereby as at the date of closing the condition precedent detailed in section 7.1.6 of the Agreement Report, with respect to the receipt of the Control Decree under the Government Companies Order (Declaration of an Essential Interest of the State in the Oil Refineries Ltd.) - 2007, is not received.

The addendum to the agreement is available, in Hebrew, on the Company's website, under investor relations (http://www.orl.co.il), as well as on the website of the Israel Securities Authority (http://www.magna.isa.gov.il) and the Tel Aviv Stock Exchange (http://www.maya.tase.co.il). A convenience English translation of the full addendum to the agreement will be available on the Company's website, under the English investor relations section, on Friday, October 3, 2008.

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 Polymers and Aromatics through its holdings in Carmel Olefins Ltd and Gadiv Petrochemical Industries Ltd. The Company also provides power and heat services to industrial customers in the Haifa Bay, as well as infrastructure services. ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company's website: http://www.orl.co.il.

Contacts Company Contact: Rami Sasson EVP Business Development & Capital Markets Oil Refineries Ltd.; Tel. +972-4-878-8114; ContactIREn@orl.co.il Investor Relations Contact: Ehud Helft \ Fiona Darmon GK Investor Relations Tel. +1-866-704-6710 \ +972-54-566-3221 info@gkir.com

Contacts: Company Contact: Rami Sasson, EVP Business Development & Capital Markets, Oil Refineries Ltd.; Tel. +972-4-878-8114; ContactIREn@orl.co.il; Investor Relations Contact: Ehud Helft \ Fiona Darmon, GK Investor Relations, Tel. +1-866-704-6710 \ +972-54-566-3221, info@gkir.com