This appeared in the Moscow Times, originally an editorial in Vedomosti.  Former Chancellor Gerhard Schröder sure has earned his money.

Although France and Italy also supported the downgrading of Nabucco, Germany, which stands to be on the receiving end of the Nord Stream pipeline, is Nabucco’s largest opponent. Nord Stream’s shareholders include Gazprom with 51 percent, German enterprises E.On and BASF with 20 percent each and Dutch Gasunie with 9 percent.

Most of the skepticism surrounding Nabucco centers on the lack of gas to fill it. Iran, with the world’s second-largest natural gas reserves, could easily fill the pipeline, but it is impossible to imagine Tehran as a reliable partner in Nabucco considering how many sharp points of contention there are between Iran and the United States (and many EU members as well) — mainly over Tehran’s nuclear program. Turkmenistan, which has the world’s fifth-largest reserves of natural gas, could play a prominent role in Nabucco, but this would require building a new Trans-Caspian pipeline. Moreover, there are security issues regarding transit routes through Georgia and Turkey.