FOR IMMEDIATE RELEASE

CONTACT: Carolyn Magnuson
(713) 546-8535

PENNZOIL ACQUIRES 50% SHARE IN NEW LUBE MARKETING JOINT VENTURE

Houston, February 8, 1996 --- Manny M. Carter, executive vice president international marketing for Pennzoil Products Company announced today that the company has acquired a 50 percent equity share in a new lubricant marketing joint venture in Argentina. ``The agreement between Pennzoil and ATGE, S.A. in Buenos Aires allows us to strengthen our presence in the region and leverage ourselves into ther neighboring markets such as Paraguay and Uruguay,'' said Carter.

The joint venture, called Lubricantes Pennzoil Argentina S.A., will sell and distribute Pennzoil-branded lubricants and consumer products throughout Argentina. Cater said Pennzoil-branded products will be imported into Argentina until local production is sufficient to supply the market. Products will be packaged by a third party and will reach the market through a network of distributors.

Manuel Burgos, a member of Pennzoil's intenational staff will be the general manager of the joint venture, and his office will be located in Buenos Aires.

Carter said the entrance into Argentina fits with the company's strategic objective of expanding the Pennzoil brand globally through selected dynamic markets. ``Our entry will allow us to apply our extensive knowledge and experience in the region to the second largest market in South America and the third largest in Latin America,'' he noted.

Argentina ranks third in vehicle sales in Latin America. At present the majority of automobiles in circulation have carburetors instead of fuel injectors. However, beginning this year, all new cars must be fuel injected. According to Carter this presents a great opportunity for the company's Gumout® line of products to be introduced concurrently with the introduction of fuel injected engines.

He also noted that the Argentine market is predominantly installed, making it ``an ideal environment for Pennzoil's 10-Minute Oil® Change concept.''

Pennzoil Products Company is a leader in the production and marketing of specialty petroleum products distributed in almost 70 countries worldwide. It is a wholly owned subsidiary of Houston-based Pennzoil Company. Pennzoil® has been the number-one selling motor oil in the United States for ten consecutive years.

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