Russia’s Gazprom is to increase its investment programme for 2010 by 5% to $27.86bn (R802.4bn), the gas giant has announced.

Gazprom said it requires additional funds in 2010 to finance major projects such as a gas link to the Pacific port of Vladivostok, the Nord Stream pipeline and Yamal Arctic fields development.

The company’s investment programme is normally altered several times in a year subject to market conditions.

Gazprom’s capital investments will increase from the earlier planned $16.79bn (R483.5bn) to $23.04bn (R663.56bn), while long-term financial investments will increase to $4.82bn (R138.84bn).

The Russian company has said it will borrow $3.12bn (R90bn) in 2010, while its overall revenue will be $131.58bn (R3.79tn).