"We have obtained the agreement from Algerian authorities and we'll sign the contract in coming days," Jean-Francois Cirelli, head of GdF, said. Mr Cirelli also said that GdF would invest in the Nabucco project, bringing gas from Caspian Sea deposits and Iranian reserves to Austria, in a "more-ambitious" project to finance 30% of the 3,300-km pipeline. "We are candidates (for the project) and are ready to put money into it," he said. The Nabucco gas pipeline will deliver up to 30bn cum/yr of gas to Europe. Work on the 747-km long Medgaz Mediterranean pipeline, with a capacity to transport 8-10bn cum/yr of gas, is due to start in July and finish in 2007, at which time it will start supplying Spain with 4bn cum/yr.