construction of an oil pipeline that would bring oil from Eastern Europe to the West, according to analysts quoted in the Financial Times.

London's business newspaper has reported that the Dutch entrepreneur has become "the biggest obstacle'' to a Western-led deal that would bring oil from the energy-rich Caspian Sea.

The oil, would come from the vast Tengiz oil field in Kazakhstan, which is believed to be capable of producing 700,000 barrels a day at peak production in the year 2010.

US oil company, Chevron, has considered a $20-billion investment over 40 years in developing the oil fields. Their partners in the venture would be oil companies from Russia, Kazakhstan and Oman.

It is proposed that Chevron put up much of the capital for the billion dollar construction costs of the pipeline and guarantee to ship the oil at an agreed rate, allowing the other partners to seek western financing for their capital.

But Mr. Deuss, 52, the president of the state-owned and Bermuda-based Oman Oil Company, wants Oman to have a 33 percent stake in the pipeline consortium, said the newspaper, which quoted a Western diplomat in the Kazakh capital of Alma Ata as having said that Mr. Deuss "wants a huge equity stake in return for putting in no capital''.

"We don't know if Deuss has gotten greedy, or if something else is going on,'' continued the unnamed source.

A spokesman for Mr. Deuss and OOC said yesterday that the company had no comment at this time.

Chevron is reluctant, according to the paper, to be burdened with the huge capital financing, while transportation revenues, in large measure, go to Oman. Analysts are quoted as saying that Chevron wants much more than a 25 percent share in the consortium and wants to take some of it from the 33 percent stake that Oman is claiming.

The newspaper added that Kazakh authorities have said they want the dispute resolved by June 1. And it said the the World Bank has already declined to take part in the financing arrangements, a decision which it said in a report has put the consortium "in crisis''.

Mr. Deuss, one of the world's largest oil traders, moved into the industry in the 1980s by buying Russian oil. He developed key contacts with major players in the governments of Oman, Kazakhstan and Russia.

Mr. Deuss is the owner of the Bermuda-based Transworld Oil group of companies and has a home on the Island. He is also the owner opf the tall ship Fleurtje a well known sight around the Island.