Economy of the world can meet the price $ 100 oil: Kuwait (Reuters)

Cairo (Reuters)-the global economy can meet on oil price of $ 100 a barrel, oil Minister of Kuwait said on Saturday, as stated in other exporters that opec may decide against increasing output until 2011, as provided in the well of the market.

Analysts say oil producing countries, it is likely to raise the output after crude rallied more than 30 percent lower than ever because they fear prices harm economic growth fuel import countries.

In Europe, benchmark Brent ICE bots for February close $93.46 Friday after hitting 94.74 barrel, the highest level since October 2008.

Arab oil exporters meeting in Cairo this weekend said he saw a need to provide more stock was crude, there was a high end prices temporarily by cold weather in Europe.

Asked by Reuters-economy of the world can meet the price $ 100 oil, Kuwaiti oil Minister Sheikh Ahmad Abdullah Al al-Sabbah said: "Yes it can."

Iraq's new oil Minister and head of the National Oil Corporation of Libya both told Reuters $ 100 was a fair price, while the Minister Abdullah Al-Atiyah of Qatar said he expects OPEC to increase production in 2011.

"Expected OPEC meeting before June due to stable oil prices," he said.

Some representatives also called for exporters comply with the limits agreed production better. Compliance with the members of OPEC cutbacks of the promised additional quantity was reached 56 percent in November, according to Reuters estimates.

When asked if it was raised to the power output of Kuwait, Sheikh Ahmad said: "it is not. More compatibility, compatibility and more. "

"Market provided well"

Meeting in Cairo of an organization of Arab exporting countries (OAPEC) brought together Arab members of OPEC including exporter top Saudi Arabia, which traditionally was displayed as moderate price, as well as non-OPEC countries Tunisia, Egypt, Syria, Bahrain.

OPEC cut output significantly after the global financial crisis hit 2008 prop up oil prices collapse.

As demand has risen steeply in 2010 is expected to rise further in 2011, the market is watching closely whether OPEC to release at least some of its spare capacity to prevent prices around $ 150 per barrel upheavals as they did before the crisis hit in the summer of 2008.

Of the most influential OPEC oil Minister Ali al-Naimi, Saudi Arabia, said on Friday he was still happy with the price of US $ 80 a barrel of oil and other OPEC meeting was necessary before the next scheduled one in June.

Others in the higher price, pressing argue this is easing distressing as regards, a weak u.s. dollar, which htiishr spaces between financial markets mean power price of oil is nominal.

Sameh Fahmy oil Minister says increased Egyptian oil prices was the result of the current demand higher on heating fuel due to the weather is cold in Europe.

Arab Arabian Oil Minister Muhammad al-Hamli said high crude oil inventories ". It is the highest above average five years ... The market well satisfied. "

(Reporting by Sherine El Madany, Shaimaa Fayed, Baker Amena, Ashraf Fahim, Saleh Yasmine; writing by Tom Pfeiffer; editing by Mike Nesbit)

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Govt may cut taxes for the petroleum sector (Reuters)

New Delhi (Reuters)-India may cut taxes on crude oil and refined next year's budget, said the Finance Secretary Wednesday, cushion the impact of rising oil prices on global inflation, profits of oil companies.

"All of these issues on what should be considered mandatory structure until the budget," baapala Chawla Ashok told reporters, adding if required, the budget can be corrected in debts.

The Government is already under attack from resistance over some of scandals, corruption and the rising of essential goods, you may want to cut taxes on retail prices to help counter the impact of increased fuel costs and avoid anger encouragement.

Fuel prices were deregulated in June but the Government still governs the price of diesel oil and liquid gas (LPG TANKERS) – fuel sources for key transport and cooking among the population of 1.2 billion in India, many of whom live under $ 1.25 a day.

Delhi, taxes account for about half the fuel prices, a third of diesel prices.

Annual inflation in November title 7.48 context, the lowest level percentage his year, but the Central Bank of India has a global commodity prices remain high on the threat of inflation.

The State-owned oil companies marketing increased fuel prices again recently, if the Government hikes prices too, he is liable to diesel compromise Bank reserve target late March's inflation of 5.5 percent.

Diesel fuel accounts for a third of the total demand in the country and the price pressures from walking transmitted normally costs diesel wider economy through the transport sector.

Batkciv of this year the Federal Government to restore the crude oil import tax 5 percent and raised taxes on the factory gate and import duties on diesel fuel.

Chawla said that the Government was willing to compensate for companies marketing third State-run oil of their income losses on the sale of refined products of the current year budget prices, fewer estimates fiscal Secretary Oil s. Sundareshan at least 50 percent.

June, the Government of India has ended curbs and fuel prices the prices of diesel, cooking gas, oil. Changes provoked protests against the coalition Government which, led by the Congress Party.

Indian oil companies last week has been raised fuel prices to 5.6 percent, as crude-oil floating near annual highs, Ministers meet on 30 December, consider increasing the prices of cooking gas vdizl.

Sundareshan said two losses revenue in each of the marketing companies-Indian Oil Corp, Hindustan petroleum and petroleum industries – fuel sales were evaluated in the current fiscal 660 billion rupees (14.6 billion).

Cylinder 14 kilograms of cooking gas now sold rupees 345.35, 275 rupees below estimate what oil companies is a market price, at the time of the sale of liter diesel in rupees suffer losing income membership 37.71 6.50 rupees.

Sundareshan said previously that the Government will pass only a portion of revenue losses on diesel sales to consumers.

Increasing diesel and LPG TANKERS oil companies will protect their margins.

Diesel petrol has a weighting of 4.67 percent and 1.09 percent, respectively, the wholesale price index (WPI), a measure of inflation central India, and raising the gas prices have affected knock-on like farmers manufacturers move costs throughout.

Create a carrying a weighting of 0.91 percent.

(Writing by Nidhi Verma; editing by Aradhana Aravindan)

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Oil near 2 high risk appetite, cold (Reuters)

London/Singapore (Reuters)-oil floating around its higher levels than the two Friday, supported by cold weather around the globe, the appetite for risk assets and signals from OPEC it won't stop the hrali.

In Europe, benchmark Brent ICE bots for February close 48 ¢ $93.46 Friday after hitting 94.74 barrel, the highest level since October 2008.

Contracts bots of benchmark global in the u.s., which hit high 26-month of $91.63 Thursday, Friday, with floor trading NYMEX closed for Christmas.

Brent, trading at a premium to u.s. crude, has surged due partly to severe cold snap in continental Europe, and the United Kingdom.

Cloudy stuck in thousands of holiday travelers in Europe on Friday, threatens to prolong the chaos all airlines and train additional improve fuel demand.

Analysts said the oil may continue its global demand hrali strong inventories fall in 2011, which promises to be a strong year for risk assets such as confidence about the global economic recovery selects.

Reuters Jefferies CRB index of 19-merchandise (CRB) closed on Thursday its highest level since October 2008.

"With the continuous commodity index the new publication of all time highs, the S & P that supports breadth, it is difficult not to keep our bullish commodity and capital markets outlook heading into the first quarter of 2011," Barclays Capital said in a note.

"The last brought us all tourism barrel within range for Brent Botot."

OPEC sees a need for more oil

Of the most influential OPEC oil Minister Ali al-Naimi, Saudi Arabia, said on Friday he was still happy with the price of oil of 70 $-$ 80 per barrel and there was no need for extra OPEC meeting before the next scheduled one in June.

OPEC ministers are meeting in Egyptian Arab capital in this weekend that they should discuss oil production and prices, but no formal decision on the output is met.

Minister of oil united Arab Emirates said he wanted to better comply with OPEC cuts output group agreed in late 2008, and added to the current price does not reflect the basics. That chimed with the standing of OPEC oil that demand remains fragile and vmtoochim blame for hrali.

Speaking in Cairo, only the new Minister of oil in Iraq said Škrtel can meet prior to July if market conditions change, but then added that if the decision was taken to be "about price. It's designed to market conditions. "

"There are a limited number of appointments OPEC to limit its market interference," Abdul Karim Luaibi told Reuters.

Inflationary concerns

The climb of the oil more than 30 percent lower than in May of this year has revived concerns prices again could influence economic growth for fuel import countries.

The Finance Minister of South Korea warned on Friday that the buyer's fifth-largest crude oil domestic inflationary pressures in the coming year.

In India, the Government is expected to decide next week raise fuel prices mode set to cushion domestic oil retailers [ID: nSGE6BM06Q]

China, the second largest energy user in the world, raised prices of gasoline, diesel outline records on Wednesday as intended to encourage refiners to increase supply meet demand.

The Government said the companies transport forwarding ?????? rise to the population. Higher prices of goods helped raise the Chinese consumer inflation high 28 November.

(Additional reporting by Peng Seng Lee; editing by highlighting and Thomas Sue)

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OPEC ministers meet Arab as disposable oil price us $ (Reuters)

Cairo (Reuters)-OPEC ministers began arriving in Cairo Arab Thursday ahead of expected calls broach how high oil price of economy of the world can meet the bots like jumped higher annual over 91 a barrel.

Full Conference organization selected earlier this month to make a change to the policy export countries oil output has stuck since December 2008.

Since the oil must maintain a week more hrali 30 percent this year of low hit in May and this high scale of $91.63, hilly in two years.

Organization of Arab exporting countries (OAPEC), one of the Arab members of OPEC including exporter top Saudi Arabia, which has traditionally been viewed as a moderate price, as well as non-OPEC countries Tunisia, Egypt, Syria, Bahrain.

Ministers began arriving on Thursday when the meeting on Saturday when they will not take any formal decision on the output but you can still discuss production and price.

"$ 100 is a fair price for the time being," the most senior official oil of Libya Ghanem Shokri told Reuters the arrival in Cairo. He said that it is too soon to talk oil output changes.

Analysts say it is a strong defence encourages ???????? OPEC oil production, although the first of all by an official pumping restrictions agreed, rather than through policy change.

"I think we are going to see production more because oil is above us," said Patrick Armstrong is based on the London investment managers of Armstrong.

"The market can easily go to $ 100 because we're starting to see more assist allocation in order to maintain the real value of investment portfolios, but think we are going to see scenarios's spikes."

Ali Saudi Arabian Oil Minister Al-Naimi said at the beginning of November the consumers looking for a price range of $ 70-$ 90.

Later, he be reiterated the view this pre-this must be kept for two years to 70 $ $ 80 was the best range for producers to consumers, ensuring sufficient earnings to generate investment supply new avoiding harm economic which could break your demand.

Divergent price aspirations

But the other group pressed at the price higher, argue as regards relief, u.s. dollar (DXY) feeble that htiishr spaces between financial markets mean nominal oil price power.

Quito's earlier this month, OPEC Secretary Abdullah Al-Badri said that opec to base any change in the policy on a foundation of supply and demand rather than price alone.

"If he goes to 100 due to speculation, will not move," said OPEC Badri.

Agreed to cut of OPEC output record of 4.2 million barrels per day in December 2008 leaves much room for informal matches.

Its members have only delivered around half their cuts of the promised additional quantity was, in Reuters survey.

OPEC is stuck in the closest to the restrictions of its output the first part of 2009 when she works hard to shore up the market had crashed down just above 30 a barrel after beating the record June 2008 of almost US $ 150.

Oil demand is expected to increase next year is expected to take a completely new high power, but analysts are still careful to draw the distinction between the current market began at the beginning of a long Bull Run-decade culminated in 2008.

Where the rate of growth in demand next year in 1.5 million bpd, Reuters poll showed, only half of the peak in 2004, according to the international energy Bureau, data of 3 million bpd.

At the same time, spare capacity OPEC saving on any number of barrels million, inventory, crude oil, the world's largest consumer in the United States are still above the levels of the year before, even after this week reported a sharp decline.

(Writing by Barbara Lewis; editing by Tom Pfeiffer William Hardy)

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Saudi still favor $-$ 80 oil, OPEC holds deliver (Reuters)

QUITO (Reuters) – leading OPEC producer Saudi Arabia said on Saturday it will still benefit from a $ 70-$ 80 price range for oil, a restatement of a two-year-old policy that will be welcomed by consumer Nations concerned that rising oil prices could get out of control and inhibits the global economic recovery.

Saudi Oil Foreign Minister Ali al-Naimi told Reporters in an OPEC meeting in Quito:-$-$ 80 is a good price.

Comments came as the Organization of petroleum exporting countries agreed, as expected, to keep the production limits unchanged, despite a recent surge in crude oil prices to $ 90 per barrel.

With OPEC next meeting is not scheduled for June 2, which markets are likely to test the Saudi resolve to keep prices below $ 40.

-The real question is whether further deliveries will be added, "says Lawrence Eagles, global head of oil research at JP Morgan in New York. "Minister Naimi said kr was at the top of the range. Let's see if he follows with higher deliveries. "

U.S. crude oil closed at $ 87.79 a barrel on Friday with a two year concerned high of $ 90.76 earlier this week.

Saudi, OPEC most influential manufacturers, is likely to encounter resistance to any change in policy from other members who argue that demand is not strong enough to justify more oil and that speculators are obliged to push prices up.

Price Hawk Venezuela called for $ 100 oil and said OPEC should not terminate the output again until the end of 2011.

"We believe that the market should compensate for the high production costs. $ 100 seems to be an acceptable price, "said Venezuela Oil minister Rafael Ramirez.

Iranian Oil minister Masoud Mirkazemi said demand was "not good" and "nominal prices is good, real prices are not".

Riyadh, may decide on the best way to stop prices are rising further is to safely lift deliveries to customers through its monthly sales process rather than through OPEC politics.

-When you have $ 100 is sufficient Venezuela and Iran says demand is weak, even that it skyrockets, I think if they do not want (Saudis) a confrontation that will quietly delivers more in the market, "says Edward Morse, CEO of Credit Suisse in New York.

OPEC agreed its largest ever delivery sidewalks at the end of 2008 after a price collapse from $ 147 to just over $ 33 is caused by a recessionary slowdown of fuel demand. It has not been changed policy then.

Many OPEC ministers say supplies are adequate and that they will only open the taps, to meet the demand for extra.

"When there is a shortage on the market, or when we believe that there is a shortage on the market, we will, of course, to increase production, but it is not only a function of price, says Libyan head Shokri Ghanem.

"If prices are high because of speculation, we can do something about it," said Secretary-General Abdullah al-Badri.

"When you go to buy oil and you can't find it, it is OPEC will intervene and solve it."

Inventories held among industrial countries OECD is high on 60 days ahead of demand.

But the International Energy Agency, Adviser to the consumer Nations, said on Friday that demand, bolstered by an early winter cold snap, rising faster than expected.

Extra demand has flattened oil futures price curve and reduced discount at the prompt, raw, cut incentives for operators to store oil, likely means inventories will begin to drop.

Eagles at JP Morgan said:-really comments (OPEC) underlines that OPEC want lower inventories and, if it considers that the market will allow that to happen, but higher prices it is wrong.

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Iraqi Kurd leader says Kirkuk belongs to Kurdistan (Reuters)

ARBIL, Iraq, Dec. 11 (Reuters)-Iraqi Kurdish leader Massoud Barzani said Saturday that his autonomous region shall have the right to self-determination and contested city of Kirkuk, above some of Iraq's largest oil reserves.

Kirkuk destiny is one of the most important issues in contention between the Kurdish region and the Central Government in Baghdad, are locked in disputes over land and some of the world's richest oil fields.

Barzani told a Conference of his Kurdish Democratic Party in Arbil right to Kirkuk to Kurdistan was non-negotiable.

-Kurdish identity of Kirkuk is not a matter of bargaining, "he says.

At the same event said Iraqi Prime Minister Nuri al-Maliki he would keep the constitutional deadline to form the new Iraqi Government. He was charged on November 25, with putting together a cupboard and had 30 days to deliver.

Iraq has been without a new Government for more than nine months after the March elections failed to produce a clear winner.

Sunni and Shi'ite, Kurdish factions squabbled over position and power for months before it finally reaches a compromise last month, which would cover all the major political blocs in the next Government.

KIRKUKS HOME?

Barzani's region and the Iraqi central Government submits in the year of Arbil had the right to sign oil development contracts with foreign oil companies. Baghdad says Iraqi oil assets are under its jurisdiction and calls Kurdish region contract unlawful.

The disagreement is closed oil exports from the region last year and they have yet to start, even if both sides oil ministers have said recently that exports should begin early next year.

Central to the territorial disputes is the fate of Kirkuk, American officials say can sit at 4% of world reserves. The city's population is a mixture of Kurds, Arabs, Turkmen and others.

Iraq deferred recently a national inventory that could determine what percentage of the population is Kurdish Kirkuks, an important step towards resolving the city should be part of Kurdistan.

Tensions surrounding census has escalated recently. Some Arab families have said they are ordered to leave the city before the number of population.

Barzani tried to allay fears about Kirkuks future.

"If there were concerns that the Kurds would exclude unilaterally on Kirkuk connects to Kurdistan, I would like to reassure everyone that we want to make an example of coexistence of Kirkuk," he says.

Even former party congresses were discussed and "confirmed the right to self-determination" Kurdistan, Barzani said this year it is a fundamental question on the agenda.

Malikis promise to name his new Government through constitutional deadline can be an indication of the difficulty to reach an agreement with rival political blocs on specific candidates for CABINET posts. He had earlier said he would name a cabinet from mid-December.

"The Government sees the light of this constitutional period and before the time limit of 30 days," said Maliki THE FOUNDERS OF THE Congress.

"I urge all blocks to accelerate submit their candidates and do not stay long on minor issues," he says.

(Additional reporting by Waleed Ibrahim and Muhanad Mohammed; writing by Jim Loney)

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Factbox: OPEC ministerial level comments in Quito meeting (Reuters)

QUITO (Reuters) – OPEC agreed to maintain the current oil production levels at their meeting last Saturday while Saudi Arabia reiterated that $ 70-$ 80 per barrel was its favoured the price of crude oil.

Group scheduled its next meeting on 2 June to discuss the production policy.

Below are comments from OPEC ministers and officials at the Saturday meeting:

Saudi Arabia

-Asked by reporters in Quito, what price range Saudi favoured, Saudi Oil Foreign Minister Ali al-Naimi said:-$-$ 80 is a good price.

OPEC SECRETARY GENERAL

-"If there is a problem with the basics and then we would be interested, but if the fundamentals are okay and there is enough oil in the market and prices shoots to $ 147 as it happened in 2008, it is not our problem. This is a problem, "said Secretary General speculation, Abdullah al-Badri.

"There are lots of oil on the market, there is no shortage."

-Asked if the producer group could hold an extraordinary meeting before June, "said al-Badri" OPEC is always ready to respond when there is an imbalance in the market. "

-"If prices are high because of speculation, we can do something about it."

-"When you go to buy oil and you can't find it, it is OPEC will intervene and solve it."

-"If you have six days above the average of five years in stock, what more do you need? If you have six million barrels per day of spare capacity, what more do you need?

"If you go to buy oil, you can find it anywhere you go."

-"We are comfortable with the price now and we have not a forecast prices."

OPEC PRESIDENT

-"The recent increase in basket price has been driven by the bullish sentiment is mainly attributable to the weakening dollar," says Wilson pastes, current President of OPEC oil Ministers of Ecuador.

"However, there was a general feeling in the market that today's levels are convenient for both producers and consumers."

Venezuela

-"We believe that the market should compensate for the high production costs. $ 100 per barrel seems to be an acceptable price, "said Venezuela Oil minister Rafael Ramirez.

-"We must maintain the same production, even though in the end of 2011, because the market is affected by speculation," Ramirez told Reporters after OPEC agree not to modify the supply.

Iran

-Iranian Oil minister Masoud Mirkazemi said demand was "not good" and "nominal prices is good, real prices are not".

Algeria

-"Currently prices are totally fair," said Algeria's Oil minister Youcef Yousfi.

Libya

-Shokri Ghanem, Chairman of the Libyan National Oil Corporation, said the fundamentals, rather than price was crucial.

"When there is a shortage on the market, or when we believe that there is a shortage on the market, we will, of course, to increase production, but it is not only a function of price, says Ghanem.

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Chevron hikes spending 20 percent for growth (Reuters)

HOUSTON/SAN FRANCISCO (Reuters) – Chevron Corp (CVX. N), the second-largest u.s. oil company, will increase spending by a fifth to A $ 26 billion in 2011, with 85% will exploration and production industry seeks out new sources of growth.

Extended budget, announced on Thursday, is a big step for Chevron as it enters a period of low net production growth while it ramps up for natural gas. Massive rival Exxon Mobil Corp (XOM. N) budgeted expenditure for 2010 30 billion dollars.

Spending by oil companies is expected to rise across the Board now that global oil demand has recovered and seems likely to grow needs of major growth markets.

"All look at the oil, and it will go up--you were China and India. My guess is these guys to do very well, "says Mark Coffelt, Chief Investment officer at empiric Advisors in Austin, Texas.

-I am not surprised that capital budgets, and perhaps surprising is that they do not come up even more. "sa Coffelt, which does not currently hold Chevron shares.

Chevron offers a glimpse of the challenges that the oil majors face to bring about new production that existing fields decline. Its annual GDP growth is expected to be 1% until 2014, followed by 4-5% over the three years after the new liquefied natural gas projects are going on line.

"We are entering a period of higher capital expenditures we finance new older projects, including significant investments in our LNG mega projects," George Kirkland, Chevron, vice President and head of global upstream and gas, said in a statement.

These include the Gorgon and Wheatstone projects of Western Australia, LNG processing facilities to serve them; they eat only up well over 50 billion dollars over the next half-decade or so, even if half of the cost of the Gorgon will be shared with partners Exxon and Royal Dutch Shell Plc (RDSa. L).

EXPENDITURE IN ACCORDANCE WITH

Gorgons, specify that cost about $ 37 billion, will start in 2014, followed by Wheatstone two years later. Their combined peak production, corresponding to 710,000 barrels per day, compared with Chevrons latest worldwide oil and gas output 2.74 million barrels per day.

With these two new crude oil in the mix and more difficult to obtain, estimated Chevron gas will be 41% of its production by 2017, compared with 31 percent now. And the estimate came before it went to buy u.s. natural gas producer Atlas energy (ATLS. O) in November.

Gåsögons total budget of EUR 21.6 billion in 2010, $ overshadowed by its 2011 exploration and production spending, estimated at US $ 22.6 billion at 31 percent.

Containing investment Atlas, although acquisition itself is not included in the budget, "said a spokesman for Chevron. Exxon's $ 30 billion plus 2010 budget covers the expenses for its large natural gas acquisition, XTO.

Gåsögons refining budget is $ 2.9 billion, down from $ 3.4 billion budgeted for this year. A decline in the sector has led the company to slash downstream costs.

Included in 2011 budget expenditure at refineries in Mississippi and California which aims to improve yield.

Shares in San Ramon, California-based Chevron was up 30 cents to $ 86.44 in afternoon trading on the New York Stock Exchange.

(Reporting by Anna Operates in Houston and Braden Reddall in San Francisco, editing by Gerald e. McCormick, Dave Zimmerman and John Wallace)

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Enbridge pipeline seen down until Friday (Reuters)

CALGARY, Alberta (Reuters)-Enbridge Inc said on Thursday it has closed down a bigger oil pipeline in the Midwest for extended maintenance, adding a squeeze in the transport capacity which has created an abundance of crude oil in Western Canada.

Enbridge said its 670,000 barrels per day on Line 6A would be down until Friday at noon (0400 GMT Saturday) 11 while it finishes work related planned pipeline integrity test.

"Maintenance crew already on the site will remain and work 24 hours a day to minimize shutdown, duration" Enbridge spokesman Steve Jordan said in an e-mail message.

The pipeline runs to Griffith, Indiana, from Superior, Wisconsin.

The company said it is considering postponing other maintenance to recover some of the volumes that have been lost due to closures and downsizing of feeds on its system, which is the main street of Canadian crude exports to the United States.

Pressure was already restrictions for Enbridges pipelines and high nominations, raw backup in Western Canada, forcing the company to interfere with service to certain feeder piping and some manufacturers to reduce production.

Jordan said Enbridge tanks in Edmonton and Hardisty in Alberta, and Superior in Wisconsin are full.

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Massey's Chairman/CEO says he will retire (Reuters)

NEW YORK (Reuters) Don Blankenship, head of Massey Energy (MEE.N) and one of the most powerful U.S. coal industry leader, said on Friday that would he retires at the end of December, eight months after 29 miners died in one of Massey's mines.

"After almost three decades at the Massey, it's time for me to move on," Wang said at the end of a week in the Massey shut down decided a Kentucky mine for type safety violations and a judge that Blankenship two lawsuits that hold him personally responsible for the explosion in the upper big branch mine in West Virginia must provide,

Massey, based in Richmond, Virginia, 5 explosion was the deadliest U.S. coal mining disaster in decades increasingly under the control of federal mine safety regulators since April.

Financial results of the company since April have suffered, and Massey said it sparks was to weigh strategic options speculation that one of its peers can look to buy it.

Blankenship, an outspoken advocate for coal, attracted the wrath of environmentalists for Massey's area, mountain top mining in Appalachia, Virginia, for water pollution liability.

He was criticized by trade unions because of Massey's use of nonunion work.

In a press release issued after graduating from the New York Stock Exchange on Friday Massey and Blankenship said he would withdraw 30 as Chairman and Chief Executive on Dec.

President Baxter Phillips Jr. him succeed is CEO and retired Admiral Bobby Inman as lead independent Director to Board, non-executive of Chairman, said the company.

Blankenship has been since 2000 Chairman and Chief Executive Officer and is since 1982 with the company. Massey, said that since public, prefer a decade went, market capitalization increased to approximately $5 billion from $ 758 million in 2000, while annual turnover has risen to $2.7 billion in 2009 from $1.08 billion in 2000.

Massey, one of the companies in the big four U.S. coal, the public image fights restore after the upper big branch explosion a comprehensive history of the mine safety violations at several of the company mines revealed.

Earlier this week, Massey said a Kentucky coal mine, federal regulatory authorities cited for type safety violations had closed.

Another of its mines in West was said, Virginia in danger of collapse after heavy rains.

Massey said that it had idle production of free energy mine no. 1, but it is still the mine was believed safe despite the mine safety and health administration (MSHA) notification that the site had a pattern of rules violations.

MSHA was court to force Massey to the 81 heavy security violations to the mine over a two year period issued last month.

Thursday Massey, in a filing made at the U.S. Securities and Exchange Commission, MSHA of an "imminent threat" order issued mine in Logan County, West Virginia for his camp branch open placed.

The open-pit mining operation said the two inches of rain, caused a vertical Bank drop in danger, on mobile devices and the equipment operator had received the order.

(Reporting by Steve James;) (Editing by Andre Grenon)

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Wannabe entnervten Afghan investors on security (Reuters)

DUBAI (Reuters)-India after Poland, investors are tempted by the promise of lucrative returns in Afghanistan's mining and energy industry, but most say, will see how play an angry uprising, before you your money.

Afghanistan is estimated that sits up to billions of dollars value of untapped mineral deposits but near war ten years old and weak infrastructure in regions of the country mean, could it take to start years production in many areas.

The Afghan Government to reduce dependence on foreign aid money, trying to attract investors from a sector known to operate in hostile environments with the promise of improving the stability and the official protection.

The rewards are to convince enough though, of courageous is many to the uprising at its most violent since the fall of the Taliban in 2001, or take a gamble on whether the current Government will survive the planned withdrawal of foreign troops.

"Everyone is ready to go there to invest, but your only concern is the security," a Dubai said resident Indian businessmen who wanted to remain anonymous.

"If the security is only slightly better, people move on because exists a shovel in this country."

Mining and energy are the bulk of the projects now curl probably serious foreign money.

On Tuesday, the Italian Foreign Minister said Italian oil and gas group ENI (ENI.MI) was looking to invest in Afghanistan's energy sector.

The Aynak copper mine, a project worth more than $4 billion secured by metallurgy Corporation of China Limited (1618.HK) (MCC), with the production of 2013 expected started.

Government security it shows Kabul Ernst promises significant investments is to protect.

"We are patrolling around the project area the project forward with 1,500 police set professionally by the Government to push" Zou Jianhui, Director who told the Conference MCC Aynak joint venture, said investment.

HIGH RETURNS?

This up-front investment in security is because Afghanistan aims that mining and energy in 5 years time to attract from annual income up to $ 1.5 billion investment, said Minister of mines Wahidullah Shahrani.

Untapped mineral resources include iron ore, copper, lithium, oil and gas, and gems and precious metals.

"In the long run as 15 years, government revenue relating to mines are annually $3 to $3.5 billion," he said.

Potential revenue from lithium production are now examined and are not included in these figures, he added.

The highly reactive metal used in batteries for electric and hybrid vehicles could be an important resource for Afghanistan together with copper and iron.

Demand will double in the next decade as get more electric vehicles on the road.

"We observe are what your lithium reserves do", a Japanese banker whose undertaking does not have currently no investments in Afghanistan said.

"We are in investment in this sector, but not now, perhaps in the next few years", he said.

But for the bravest investors the security problems that the other discourage are a sign of greater potential rewards.

"The best is what at the moment where there is risk, good profit," said an Afghan entrepreneur Dayani Hayat, works in the construction sector and returned to Kabul after 20 years in Germany spend.

"For business people to take the best time, I would suggest that investors read so much television and not too many newspapers." "Because to Afghanistan to assess, not good just by the media because bad news sells."

(Reporting by Humeyra Pamuk;) (Manipulating Emma Graham Harrison and Alex Richardson)

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