HAIFA, Israel, August 5 /PRNewswire/ --

- Conference Call Scheduled for August 18, 2008 at 2pm UK time, 9:00am ET

Oil Refineries Ltd. (TASE: ORL.TA) (the "Company"), Israel's largest oil refiner, announced today that it will be releasing its second quarter 2008 financial results on Monday, August 18, 2008.

The Company will be hosting a conference call the same day, Monday, August 18, at 9:00 am ET. On the call management will review and discuss the second quarter 2008 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: 1-866-3455-855 UK Dial-in Number: 0800-404-8418 Israel Dial-in Number: 03-918-0610 International Dial-in Number: +972-3-918-0610 at: 9:00am Eastern Time, 2:00pm UK, 4:00pm Israel

A replay of the call will be available, after the call, on the Company's website at http://www.orl.co.il.

Oil Refineries' second quarter 2008 earnings press release and financial statements will be available on the Company's website - http://www.orl.co.il prior to the conference call.

About Oil Refineries Ltd.

Oil Refineries Ltd. (ORL), located in the bay area of Haifa, is Israel's largest Oil refinery. Using its sophisticated and state-of-the-art industrial facilities, ORL is capable of refining approximately 9 million tons of crude oil per year providing a variety of products used in industrial operation, transportation, private consumption, agriculture and infrastructures. With the refining business representing 90% of the Company's total activities, ORL produces refined products with a high added value by using complex refinery facilities and at 7.4 on the Nelson Complexity Index, among the highest in the East Mediterranean region. The Company has a maximum crude oil refining capacity of approximately 24,800 tons per day (180,000 barrels per day). Over 75% of the Company's produce goes to local consumption, while the balance is exported, primarily to the Mediterranean basin. The company is active in the area of Polymers and Aromatics through its holdings in Carmel Olefins Ltd. and wholly-owned Gadiv Petrochemical Industries Ltd. Oil Refineries is traded on the Tel Aviv Stock Exchange under the ticker ORL. The Company also provides power and heat services (electricity and steam) to industrial customers in the Haifa Bay, as well as infrastructure services (storage, pumping and truck loading of fuel products). 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 Tel. +972-4-878-8114 contactIREn@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

Contacts: Company Contact: Rami Sasson EVP, Business Development & Capital Markets, Tel. +972-4-878-8114, contactIREn@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