HAIFA, Israel, March 21, 2011 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL"), Israel's largest integrated refining and petrochemical group, announced today that CEO, Mr. Yashar Ben Mordechai, tendered his resignation at yesterday's Board of Directors meeting, after 11 years in the role.

Mr. Ben Mordechai will retire after the appointment of a new CEO and completion of an overlapping period. Mr. Ben Mordechai accepted the Board's request to remain in the Company for an additional two years to facilitate the managing of key projects undertaken by the Company, as well as the development of new businesses.

Mr. Ben Mordechai noted: "I decided to tender my resignation after determining that the Company's strategy, initiated in 2007, was on track and in the advanced stages of implementation and that the Company was ready for the next stage of development."

Mr. Yossi Rosen, the Company's Chairman, along with the Board, thanked Mr. Ben Mordechai for contributions: "Yashar has been with the Company for over thirty years, during which the Company went from being a State-owned, to a publicly traded. He also oversaw the merger between the Company and Carmel Olefins, Haifa Basic Oils, and Gadiv; the initiation of the 2007 strategy, whose cornerstone was a $600 million investment in a hydrocracker; and various other synergetic projects. We thank him for his loyalty and leadership."

The Board will now undertake to seek a replacement for Mr. Ben Mordechai, during which he will remain in his position until a new CEO is appointed and fully on-boarded.