The two sides discussed pressing bilateral issues and expressed a mutual commitment to pursue Russian-Bahraini relations in a traditionally friendly, mutually beneficial and constructive manner.

In accordance with Bahrain’s national energy plan, renewable energy will be an area of particular interest in order to consider potential business opportunities. In the LNG sector, the collaboration will target a more sustainable and efficient energy mix to meet Bahrain’s future energy needs. Eni’s unique know-how and expertise will also be leveraged to evaluate further exploration opportunities.

IMF - Economic growth is anticipated to remain around 1.8 percent in 2019. The authorities’ Fiscal Balance Program, underpinned by the 2019-20 budget, has provided a commendable framework to arrest the decline in fiscal and external buffers since 2014.

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OGJ - Bahrain plans to raise $1 billion for energy investments in a fund the government calls unique among Gulf Cooperation Council countries.

GAZPROM - Total sales (net of excise tax, VAT and customs duties) increased by RUB 435,092 million, or 7 %, to RUB 6,546,143 million for the year ended December 31, 2017 compared to the year ended December 31, 2016. The increase in sales was mainly driven by an increase in sales of refined products and crude oil.

AOG - Bahrain, recently announced that it had unearthed around 80 billion barrels of unconventional oil and up to 20 trillion cubic feet of tight gas off its west coast. The discovery could potentially transform the island state’s reserves which currently total well under 200 million barrels.

REUTERS - The new tight oil and deep gas resource is expected to contain many times the amount of oil produced by Bahrain’s existing oilfields, as well as large amounts of gas, BNA reported.

Bahrain’s fiscal and external vulnerabilities have increased in the wake of the oil price decline. Overall GDP grew 3 percent in 2016, supported by strong growth of 3.7 percent in the non-oil sector aided by the implementation of GCC-funded projects. Average inflation remained moderate at 2.8 percent. Bank deposit and private sector credit growth slowed. The banking sector remains well capitalized and liquid. Despite the implementation of significant fiscal adjustment, lower oil prices meant that the overall fiscal deficit reached nearly 18 percent of GDP and government debt rose to 82 percent of GDP. The current account deficit widened to 4.7 percent. International reserves have declined.

Russian state-owned oil and gas giant Gazprom is currently working to create a liquefied natural gas (LNG) distribution hub in Bahrain. The hub will be meant to intake LNG from various sources, including Russia.