HAIFA, Israel, September 23 /PRNewswire/ --     Oil Refineries Ltd. (TASE: ORL) (the "Company"), Israel's
largest oil refiner, has announced the results of the Extraordinary General
Meeting ("EGM") held September 23, 2007.

The following resolutions were reached:

1. To approve the distribution of a cash dividend to the
amount of NIS 280 million (approx. NIS 0.14 per share).

2. To approve the granting of a Retirement Grant to the amount
of NIS 1.5 million to the outgoing Chairman of the Board, Mr. Ohad Marani,
and to re-approve the payment of his salary and employment terms, until
February 28, 2007.

3. To approve the salary and employment terms of the incoming
Chairman of the Board, Mr. Yossi Rosen - Starting July 1, 2007, a monthly
salary to the amount of NIS 75,000 and accompanying terms; the contract with
the Chairman will be for a set period of three years; Should the Chairman
choose to resign, he will be required to provide six months prior notice. In
addition, the EGM approved the allocation of 4,500,000 Options to Mr. Rosen,
exercisable for 4,500,000 ordinary shares of the Company.

4. To nominate the accounting firm KPMG Somekh Chaikin as
Auditors starting from the publication date of the Company's financial
statements as of September 30, 2007 and until the end of the first general
meeting after the appointment takes effect, and to authorize the Company's
Board of Directors to determine the Auditors' fees. The Accounting firm Fahn
Kanne and Co., will continue to serve as the Company's Auditors until
publication of the Company's financial statements as of September 30, 2007.

For a detailed review of the resolutions on the agenda, please
view the detailed English convenience translation of the Immediate Report
available on the Company's website (http://www.orl.co.il under Investor Relations,
Company Releases).

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
    Tel. +972-4-878-8115
    jhirsh@orl.co.il

    Investor Relations Contact:
    Ehud Helft \ Fiona Darmon
    GK Investor Relations
    Tel. +1-646-797-2868 \ +972-54-5663221 
    info@gkir.com