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Oil Refineries Announces Financial Results for Third Quarter and Nine Months 2007

HAIFA, Israel, November 20 /PRNewswire-FirstCall/ --

- Third quarter Consolidated Net Income NIS 178 Million, Compared to NIS 24 Million Last Year; Third Quarter 2006 Results Adversely Affected by Northern Hostilities

- Company Publishing Today Hebrew Draft Prospectus for the Issue of Debentures Primarily for the Financing of the Strategic Plan; Debentures Were Rated AA Stable by Maalot, a Standard and Poor's Affiliation

Oil Refineries Ltd. (TASE: ORL) ("Oil Refineries" or the "Company") announced today its financial results for three and nine-month periods ending September 30, 2007.

The reported results for the third quarter and nine months 2007 exclude the results of Ashdod Refineries, which was sold at the end of the third quarter 2006, and which generated a substantial capital gain in the said third quarter. The results for the comparable period, the third quarter and nine months of 2006, are pro-forma figures and refer to the consolidated pro-forma statements.

Third Quarter Highlights

- Refining margin USD/bbl 5.7, compared to USD/bbl 7.3 in the third quarter 2006

- Company refining margin 52% higher than Mediterranean Ural Cracking Margin average of USD/bbl 3.75

- Consolidated EBITDA totaled NIS 326, compared to NIS 144 million in third quarter 2006

- Consolidated net income totaled NIS 178 million, compared to 24 million in third quarter 2006

- Quarterly results positively affected by the changes in the USD against the Israeli Shekel; Last year's third quarter results were negatively affected by the northern hostilities

Third Quarter Results

Refining margin for the third quarter totaled USD/bbl 5.7 (USD/MT 41.6), compared to the third quarter Mediterranean Ural Cracking Margin(i) average of USD/bbl 3.75(i) (USD/MT 27.4). Refining margin for the third quarter 2006 totaled USD/bbl 7.3 (USD/MT 52.9).

Consolidated EBITDA for the third quarter 2007 reached NIS 326 million, compare

SOURCE Oil Refineries Ltd
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