MOSCOW: Russia's Gazprom Neft, the oil arm of state gas firm Gazprom, posted a 71% fall in 2020 net profit to 117.7 billion roubles ($1.60 billion) on Thursday, after crude demand and prices tumbled.

Revenue fell 20% to 2 trillion roubles while earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped 42% to 415.4 billion roubles, the company said.

Rosneft, Russia's top oil company and one of the biggest producers globally, saw a 79% fall in 2020 net income to 147 billion roubles, as the COVID-19 pandemic hit demand for fuel in its core markets and around the globe.