MOSCOW, September 3 (RIA Novosti) - Gazprom's board approved on Thursday a 17% cut in the gas giant's 2009 investment program and a $6.8 bln increase in borrowing this year.

The Russian gas giant said the investment program, approved in December 2008, would be slashed by 158.9 billion rubles to 761 billion.

It also said additional borrowing would be used to pay for a 20% stake in Gazprom Neft, Gazprom's oil producing arm.

As a result the energy giant's share in Gazprom Neft will rise to 95.68%.

Gazprom said the adjustment of its 2009 investment program and budget was caused by "objective external factors" resulting from "the global financial and economic crisis."