The ancient Babylonian King Nebukanezzar (nicknamed Nabucco for short by the great 19th century Italian opera composer Giuseppe Verdi), has now given his name to a natural gas pipeline, envisaging to recall the mighty Mesopotamian king. This catchy name is literally and politically loaded with might and intrigue.

The Baku-Tiflis-Ceyhan pipeline was one pejoratively described as a "pipedream". The same is now being said by those opposed to the Nabucco project, such as Gazprom of Putin's Russia. The reason is understandable: like the Baku-Tiflis-Ceyhan pipeline, Nabucco is intended to diversify the possibilities of natural gas transport to Europe.

If the EU countries can get their act together, Nabucco will be another alternative pipeline to Gazprom supplies which is about 25 percent of European natural gas requirements.

If it is built and made functional by 2012 as intended, Nabucco can provide an estimated 15 percent of EU demand. The Baku-Tiflis-Ceyhan pipeline was translated into reality from a dream. But what are the chances at this stage for the Nabucco Pipeline Project? The idea was conceived in 2002, within the EU's Common Energy Security policy.

It will start from Georgia's border with Turkey, then run a 3300 kilometer stretch crossing Bulgaria, Romania and Hungary, ending in Austria. It will be fed by Iran, Iraq, Caspian, hopefully central Asian natural gas from Azerbaijan and finally from Kazakhstan. Five energy companies have already signed up to build the pipeline, namely BOTAS from Turkey, Bulgargas, Transgaz from Romania and Mol of Hungary.

It will cost something like $6 billion to $6.6 billion, to be ready to operate by 2012, assuming that the feasibility report of thee consortium is ready soon. By 2025 the Nabucco pipeline will hopefully be operating to full capacity, according to estimates.

The European Investment Bank seems to be ready to finance the lion's share of the project, is waiting for the Report to be finalized. The financing depends on the Feasibility Report on the question of its viability. Finance should not be a problem, as they say, because it is about the diversification of natural gas, the lifeline of EU countries, as the natural gas demand is getting bigger and bigger in Europe, as in Asia.

The problem seems to be international politics. Gazprom, as reported, is trying hard to stop the realization of the Nabucco Pipeline, just as it tried unsuccessfully to stop Baku-Tiflis-Ceyhan. Gazprom convinced Hungary to take Russian natural gas from the Blue Stream by extending the pipeline and Hungary agreed, even though it was a signatory of the Nabucco Consortium.

The biggest problem, as underlined, is lack of unity and decisiveness within the EU. As EU leaders continue dragging their feet and Nabucco is left to slumber, the project is in danger, and Russia will continue to control the Central Asian gas and oil reserves. It is in Turkey's interest that the Nabucco Project should become reality, sooner rather than later, even if it is also fed with Russian natural gas for pragmatic reasons.

On the other hand, there are reports that BOTAS does not want to see French Gaz de France to be included as a partner in the project. Energy Minister Hilmi Guler declined to comment on this issue. He stated that Ankara attaches great importance to the Nabucco Project and Turkey has already realized the first phase of this Project. Gaz de France would not comment. At this stage due to the current Presidential election in France the negotiations have been suspended for a while.

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