HAIFA, Israel, November 21 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL) (the "Company"), Israel's largest oil refiner, announced that on November 20, 2007, it published a draft prospectus in Hebrew with the Israel Securities Authority and Tel Aviv Stock Exchange ("TASE") for the raising of funds by means of a debenture issue. The Company has filed a request with the TASE to list the debentures for trading on the TASE.

The debentures, as well as the Company's currently outstanding debentures, were initially rated AA Stable by Maalot - the Israel Securities Rating Company Ltd., a Standard and Poor's affiliation. For further information on Maalot's rating considerations please refer to the translation highlights of the Maalot rating report available for viewing on the Company's website.

The draft prospectus has not yet received the approval of the Israeli Securities Authority and there is no guarantee that the proposed offering will be completed.

The Hebrew draft prospectus is available for download from the Company's website, http://www.orl.co.il, under Investor Relations, and from the website of the Tel Aviv Stock Exchange - http://www.tase.co.il.

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: http://www.orl.co.il

Contacts Company Contact: Jacob Hirsch CFO, Oil Refineries Ltd Tel. +972-4-878-8117 jhirsh@orl.co.il Investor Relations Contact: Ehud Helft \ Fiona Darmon GK Investor Relations Tel. 1-646-797-2868 \ +972-54-566-3221 info@gkir.com

Company Contact: Jacob Hirsch, CFO, Oil Refineries Ltd, Tel. +972-4-878-8117, jhirsh@orl.co.il; Investor Relations Contact: Ehud Helft \ Fiona Darmon, GK Investor Relations, Tel. 1-646-797-2868 \ +972-54-566-3221, info@gkir.com