Oil Refineries Updates on Gadot Biotechnologies Tender Offer

HAIFA, Israel, June 30 /PRNewswire-FirstCall/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company"), Israel's largest oil refiner, announced that the tender offer announced May 27, 2009 by the Company and Delek Investment and Assets Ltd. for the acquisition of the outstanding share capital of Gadot Biotechnologies has not been completed given that the minimum required acceptance level was not met. Subsequently, Gadot remains a public company listed on the Tel Aviv Stock Exchange.

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:
    Rony Solonicof, Chief Economist and Head of Investor Relations
    Oil Refineries
    Tel: +972-4-878-8320
    ContactIREn@orl.co.il

    Investor Relations Contact:
    Ehud Helft / Fiona Darmon
    GK Investor Relations
    Tel: +1-646-797-2868 / +972-52-695-4400
    info@gkir.com

SOURCE Oil Refineries Ltd