Oil Refineries : Arik Yaari, CEO of Bazan Group, will remain in his position for about another year, at the request of the Company's board of directors

Company Contact:

Rony Solonicof

Chief Economist and Head of Investor Relations

Tel. 972 4 878 8152

Contact IREn@orl.co.il

Investor Relations Contact:

Jonathan Eilat

The Investor

Tel. 972 54268 1977

Contact john@theinvestor.co.il

Oil Refineries Ltd (ORL or BAZAN), the largest refining and petrochemical complex in Israel, announces today the following:

Arik Yaari, CEO of Bazan: "I decided to remain in the Group for another year out of responsibility and commitment to the Company and its employees. Alongside ongoing management and promotion of the Group's affairs, I also intend to focus on fostering Bazan's future leadership and management".

Charles Liran, who currently serves as director of the polyolefins unit, will be appointed as deputy CEO and director of the fuels unit, replacing Rami Shlomo, who announced his intention to retire from personal reasons. Asaf Almagor, who currently serves as COO of the polyolefins unit, will replace Charles Liran as director of the unit.
Bazan also announced the promotion of Mark Hannah to VP marketing and sales of the Group. Mark
Hannah currently serves as marketing and sales director of the polyolefins unit.
The Group's management referred to the appointments as follows: "The senior appointments from among the Group's executives is a vote of confidence by the management and board of directors for the high quality of the Group's human resources".
Bazan thanks Rami Shlomo for his 35 years of unique and significant contribution to Bazan. "Rami Shlomo filled many senior positions, throughout the organization, in Bazan. Last year, in his capacity as director of the fuel unit, Rami Shlomo led and implemented significant procedures and improvements that contributed greatly to improving the Group's profit".
Mark Hannah's appointment will take effect immediately and the other appointments will come into effect in the coming weeks, after completion of the handover period.

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.

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ORL is controlled by the Israel Corporation Ltd. and Israel Petrochernical Enterprises Ltd., both public cornpanies whose shares are traded on the Te!Aviv Stock Exchange.

The abave nate d in this release includes farward-laaking statements base d an Campany data, as well as Campany plans and estimatians based an this data. The activity, results and ather data may be substantially di.fferent in reality given uncertainty and various risks, including those discusse d under riskfactors in the Company's financial statements and Director's reporl

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