A valve assembly includes a tubular valve stem guide and a valve having a valve stem slidable in the bore of the valve stem guide. A lower valve stem seal has an annular body surrounding the valve stem and a skirt sealing with the valve stem guide. An upper valve stem seal has an annular body sealingly mounted on the valve stem and a skirt portion overlapping with the annular body of the lower valve stem seal during the reciprocating movement of the valve stem so that the upper and lower valve stem seals cooperate to prevent flow of oil to the bore of the valve stem guide. The valve stem is coated with a diamond-like carbon coating or a hard nitride coating, and the valve stem guide is of powered metal construction with approximately 1% by weight solid lubricant such as molybdenum disulfide or tungsten disulfide.