Russian gas giant Gazprom will increase its investment programme next year by 5 percent to 802 billion roubles ($27.94 billion), a source close to the company told Reuters on Thursday.

The investments will rise from 761.5 billion roubles earmarked for this year, of which 483.5 billion was classed as capex.

The company’s investment programme includes both capex and so-called
longer-term investments. The source declined to break down the total
figure.

“Next year it will rise to 802 billion roubles,” the source said about
Gazprom’s investment programme, which is usually revised several times
during the course of the year depending on market conditions.

Another source said the decision was taken at a management meeting on
Wednesday, while a Gazprom spokesman declined to comment on the report.

Analysts are closely watching the whopping costs of the world’s largest
gas firm and have criticised the company for spending too much.

In September, Gazprom said it would cut its investment programme for
2009 by almost $5 billion to 761.53 billion roubles as the global
economic downturn bit and demand for gas fell.

The company will need extra money next year as it prepares to implement
ambitious projects including the Nord Stream pipeline to Europe beneath
the Baltic Sea and a gas link to the Pacific port of Vladivostok, as
well as the development of Yamal Arctic fields.

Gazprom plans to start building the subsea portion of Nord Stream in
2010 after Sweden and Finland recently approved construction in their
territorial waters.

Source: Reuters

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