Gazprom has denied media reports claiming that the Russian gas giant spent more than $1 billion on bonuses to celebrate its 20th anniversary.

      The figure mentioned in a report by the Interfax news agency is 'way too high' and is in fact 'several times lower', Gazprom's press service told the Lenta news agency.

      With a staff of 400,000, Gazprom has recently come under fire for what critics say is ineffiiency.

      Earlier, Russia's Accoumts Chamber said it began a large-scale audit of Gazprom's books, the first of its kind in five years.