The net profit of Russian oil company, Lukoil, was down 98% year-on-year in 2020 to 15.2 billion rubles (about $205 million), the company announced on Wednesday.
The company said the result was due to a decline in global economic activities due to the coronavirus pandemic and its new variants, which also affected oil demand.
"The unprecedented decline in demand and prices for hydrocarbons negatively affected the company's operating and financial performance, and these negative effects continue in the first quarter of 2021," Lukoil said.
Lukoil, one of the world's largest integrated oil and natural gas companies, realizes about 2% of global oil production.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer