Oil Refineries Announces New Chief Executive Officer

HAIFA, Israel, May 28, 2013 /PRNewswire/ --

Oil Refineries Ltd. (TASE: ORL.TA)(hereinafter "the Company","ORL"), Israel's largest integrated refining and petrochemical group, announced the appointment of a new Chief Executive Officer, Mr Aharon (Arik) Yaari.

Arik Yaari's last position was Senior Vice President and a member of Management of the pharmaceutical company Teva, which he joined in 1981. Yaari holds a B.A. degree in Economics and International Relations, and an M.A. in Economics, both summa cum laude from the Hebrew University of Jerusalem. Lt. Col. (Res.) Yaari was a helicopter pilot during both his compulsory military service and in the reserve.

Yaari served in a variety of positions during his time at Teva, throughout management, including as Head of Teva Generics (2009 - 2012); CEO and President of Teva's Global API Division. Previously he had been Divisional Vice President and President of Plantex USA.

During his time, over the last eleven years, as a member of Teva Management, the company's sales grew to about $20 billion. During this impressive growth, Yaari led many major processes in the areas of investments, operations, sales, purchasing, development, the launch of hundreds of generic products, and more, in a wide range of technological fields.

Akiva Mozes, Chairman of the Oil Refineries stated: "The Company's board is very happy that Arik has joined the ranks of the largest refining and petrochemicals conglomerate in Israel, where he will serve as Chief Executive Officer".

Akiva Mozes, The Chairman of the Company, thanked Mr. Pinhas Buchris, the outgoing CEO, for his contribution to the Company over the last two years, during which Mr. Buchris led a far reaching efficiency program and corporate restructuring.  Mr. Mozes wished Mr. Buchris success in his future positions.

Mr. Yaari will begin immediately, as of May 26, 2013, overlapping with the existing CEO, and will assume the CEO chair on July 9, 2013.

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 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.

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.

Company Contact:
Rony Solonicof
Chief Economist and Head of Investor Relations
Tel. +972-4-878-8152
Contact IREn@orl.co.il

Investor Relations Contact:
Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
info@ccgisrael.com