Microsoft Word - 010915CEO Final.doc Company Contact:

Rony Solonicof

Chief Economist and Head of Investor

Relations

Tel. 972 4 878 8152

Contact IREn@orl.co.il

Investor Relations Contact:

Eisenberg-Eliash

Investor Relations and Public Relations http://www.pr-ir.co.il

Convenience translation

OIL REFINERIES LTD. ANNOUNCES NEW CHIEF EXECUTIVE OFFICER Haifa, Israel, September 1, 2015 - Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "Bazan"), Israel's largest integrated refining and petrochemical group, announced the appointment of a new Chief Executive Officer, Mr. Avner Maimon.

Bazan's Board of Directors decided yesterday on the appointment of the Group's
CEO Avner Maimon.
Mr. Ovadia Eli, Chairman of Oil Refineries thanked Mr. Arik Yaari, the outgoing CEO, for his contribution to the Group during his tenure, in which he led operational and business processes that contributed to ongoing improvement in the Group's profitability.
Avner Maimon, the incoming CEO of Oil Refineries has vast managerial experience in the chemical and the process industry. He previously served as the CEO of ICL in Israel, and earlier held a series of senior executive positions at ICL Fertilizers - including VP of Finance and Economics, Deputy Vice President and Chief Operating Officer. Mr Maimon is a Certified Public Accountant, holding a B.A. in Economics and Accounting and a Masters Degree in Industrial and Management Engineering with specialization in Industrial Management. The appointment will take effect on 16.09.2015.
Ovadia Eli, Chairman of Oil Refineries: "The Board of Directors of the Group is pleased with the joining of Avner Maimon, a manager with extensive experience in the industry, as the CEO of the Group, Israel's largest integrated refining and petrochemical group. I wish him much success in his new position."

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 9 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 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

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