Last updated on April 18, 2014 at 17:16 EDT

Oil Refineries Announces Results of Extraordinary General Meeting and Change of Outlook by Standard & Poor’s Maalot

December 4, 2012

HAIFA, Israel, December 4, 2012 /PRNewswire/ –

Oil Refineries Ltd. (TASE: ORL.TA)(hereinafter “the Company,”"ORL”), Israel’s largest
integrated refining and petrochemical group, announced that it has reapproved the
providing of a letter of indemnity for Mr. David Federman, vice chairperson of the
Company’s board of directors and one of its controlling shareholders during the Company’s
Extraordinary General Meeting of its shareholders on December 2, 2012. 97.7% of the
shareholders participating in the vote, voted in favor of the resolution. 90.1% of the
shareholders participating in the vote that did not have a personal interest in the
resolution voted in favor of the resolution.

The Company also announced that Standard & Poor’s Maalot confirmed ORL’s credit rating
of ilBBB+ and changed its outlook from stable to negative. S&P Maalot’s translation of the
full report is available on the Company’s website.

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


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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

SOURCE Oil Refineries Ltd

Source: PR Newswire