Mitschek sees Nabucco documents soon

BAKU, Azerbaijan, June 4 (UPI) -- Final documents on the Nabucco natural gas pipeline to Europe are scheduled for signing in a matter of weeks, said the head of the project consortium.

Nabucco would travel some 1,900 miles from the Caspian region through Turkey to European energy markets.

The project faces criticism over the lack of secure commitments from major Caspian suppliers. A May summit in the Czech Republic on the project secured firm backing only from Azerbaijan.

Reinhard Mitschek, managing director of Nabucco Gas Pipeline International GmbH, spoke of supply concerns, but said agreements were on the horizon, the Azeri Press Agency reports.

"Work is under way. We are identifying the sources of gas to fill the pipeline," he said. "The final document is due in a few weeks."

The consortium director, who spoke at an international oil and gas conference in Baku, said the $10.7 billion project would reach agreements on financing within the coming year.

"Japanese and American investors also show interest. The project will be 25-percent financed by international financial institutions," he said. "The issues related to funding will be settled early next year."

Europe put Nabucco at the head of its effort to diversify its energy sector. That effort gained renewed emphasis in the wake of a disruptive January gas dispute over Russia and Ukraine, a major transit country.