Oil Refineries Issues Condensed Report Regarding the Convening of Extraordinary General Meeting

HAIFA, Israel, March 27, 2012 /PRNewswire/ --

Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL"), Israel's largest integrated refining and petrochemical group, announces the convening of an Extraordinary General Meeting of the Company's shareholders on May 1, 2012 at 11:00 AM at the Company's offices, on the 26th Floor of the Square Tower, Azrieli Center, 132 Menachem Begin Road, Tel-Aviv. On the agenda will be the assignment of directors' remuneration of directors that are employed by the Israel Corporation Ltd, a controlling shareholder of the Company (or one of its associated companies, whether directly or indirectly), who serve from time to time, to their employer.

Summary description of the transaction and its principal terms

Approval of the assignment of directors' remuneration of directors that are employed by the Israel Corporation Ltd, a controlling shareholder of the Company (or one of its associated companies, whether directly or indirectly), who serve from time to time, to their employer (or to associated companies of the employers), starting from the date of first appointments, following the request of the employed directors to assign their remuneration as stated, and as detailed in the body of the report.

Majority required for passing a resolution

The majority required to pass a resolution is a regular majority of shareholders present at the general meeting, whether in person or by proxy, and who are entitled to take part in the vote, subject to one of the following: (1) In the majority of votes there shall be a majority of all shareholders  who have no personal interest in approval of the transaction, taking part in the vote (the vote count shall not take abstentions into account); (2) the number of votes opposed among the shareholders specified in (1) shall not exceed two percent of all voting rights in the Company.

Additional details

This is solely a Condensed Convenience Report. The full, binding report is the official report published by the Company in Hebrew on the websites of the Israel Securities Authority and the TASE.   A convenience translation of the main part of the report will be available on the Company's website, under "Investor Relations" - "Company Releases", by April 4^th, 2012.

Other Announcements

The Company hereby announces that it has submitted to the Securities Authority a request for permission to publish a shelf prospectus and first draft of a shelf prospectus based upon the financial statements as of December 31, 2012, whereby the Company shall be entitled to issue shares and a number of series of share options, debentures, convertible debentures and debenture options, in amounts and at terms that shall be set in a shelf offering reports and as shall be published by the Company in the future.

The draft shelf prospectus does not include an offering to the public or a setting of the amounts or terms of the issues that will be made under the shelf prospectus, and there can be no certainty that the process described will indeed take place.

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.

Company Contact:

Rony Solonicof
Chief Economist and Head of Investor Relations
Tel. +972-4-878-8152
[email protected]

Investor Relations Contact:

Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
[email protected]

SOURCE Oil Refineries Ltd