Gazprom will increase its investment program next year by 5 percent to 802 billion rubles ($27.94 billion), a source close to the company said on Thursday.

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

The company's investment program 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 rubles," the source said about Gazprom's investment program, 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 criticized the company for spending too much.

In September, Gazprom said it would cut its investment program for 2009 by almost $5 billion to 761.53 billion rubles 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.