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

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

Oil Refineries Ltd. (TASE: ORL.TA)(hereinafter "the Company,""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