Oil Refineries Announces Financial Results for Third Quarter and Nine M...(eand transport. In line with the Company...)

Date:11/20/2007

e and transport. In line with the Company's business approach, the Board of Directors decided to allocate US$270 million of the overall strategic plan, for the investment in a five year environmental plan which will improve the Company's environmental activities including continuing to develop and produce environmentally friendly products."

Mr. Rosen concluded "As the first stage in the financing of the strategic plan, during the coming month the Company intends to raise capital. Last week the Company received an AA Stable rating from the Maalot rating company, a Standard and Poor's affiliation, and is currently undertaking a series of measures, including publishing a prospectus for a local debenture issue, to raise the necessary capital, from both the banking community and the capital markets, to finance the first stage of the investment."

Conference Call

The Company will also be hosting a conference call later today at 09:00am ET. On the call, management will present a presentation reviewing the third quarter and nine months 2007 highlights and industry trends. The presentation can be downloaded from the Company's website http://www.orl.co.il : Investor Relations > Financial Reports prior to the call. To participate in the conference call, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US dial-in: +1-888-642-5032 UK dial-in: +44(0)800-051-8913

Israel dial-in: +972-3-918-0650 International dial-in: +972-3-918-0650

A replay of the call will be available, after the call, on the Company's website at http://www.orl.co.il. Alternatively, for two days following the end of the call, investors will be able to dial a replay number to listen
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SOURCE Oil Refineries Ltd Copyright©2007 PR Newswire. All rights reserved

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