CONTACT:
Mickey Foster
Vice President
Corporate and Investor Relations
(732) 933-5140,/p.

LONDON, England and RED BANK, New Jersey -- March 2, 2000 -- Millennium Chemicals Inc. (NYSE:MCH) ("Millennium") announced today that its Board of Directors authorized a share repurchase program of up to 3.5 million shares of its outstanding common stock or approximately 5% of its outstanding shares. Purchases may be made in the open market, through block trades or otherwise, at prices as market conditions warrant. Depending on market conditions and other factors, such purchases may be commenced or suspended at any time without prior notice.

William M. Landuyt, Chairman and CEO of Millennium, said, "Given prospects for increased earnings in 2000, at current levels our stock is a very good investment both for now and the long-term."

John E. Lushefski, Senior Vice President and Chief Financial Officer, said, "Funding for the stock repurchase program will come from cash from operations, distributions from Equistar and aggressive management of capital expenditures and working capital. In addition, Millennium is in the final stages of talks with the IRS to settle remaining issues relating to the tax years 1986 through 1988. If these issues are resolved, a payment of about $100 million in tax and interest which had been previously accrued, could be made around mid-year."

Millennium Chemicals Inc. (website: http://www.millenniumchem.com) is a major international chemicals company, with leading market positions in a broad range of commodity, industrial, performance and specialty chemicals.

Millennium Chemicals Inc. is:

• The second-largest producer of TiO2 in the world and a leading producer of titanium tetrachloride;
• The second-largest producer of acetic acid and vinyl acetate monomer in the United States;
• A leading producer of fragrance chemicals and other products, including cadmium/selenium pigments and silica gel; and
• Through its partnership interest in Equistar Chemicals, LP, a partner in the second largest producer of ethylene, propylene and polyethylene in North America and a leading producer of ethylene oxide and its derivatives and high value-added specialty polymers.

The statements in this release relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including, but not limited to, future global economic conditions, production capacity, competitive products and prices and other risks and uncertainties detailed in the Securities and Exchange Commission filings of Millennium Chemicals.