Analytical Report “Energy and Raw Material Markets of the Global South” (July 2024) Saudi Arabia, as one of the leaders of the global energy market, is taking a course on diversifying its energy business model. In 2023, construction began on two major oil refining and petrochemical projects in Saudi Arabia, and a large petrochemical and oil refining facility was also acquired in China. These investments will support sustainable demand for crude oil from the leading oil company Aramco in the coming years. At the same time, this year Aramco irreversibly embarked on the path of profound transformations in the new conditions and began to look for opportunities to adapt its main industry to the realities of the green economy, in order to subsequently gradually and, most importantly, seamlessly transfer part of its business to new energy sources. As part of this large-scale transformation, the task of reformatting Aramco from a purely oil corporation into a diversified industrial and technological concern has been announced. In turn, another country of the Global South, Vietnam, is making significant efforts to create from scratch an industry and infrastructure for liquefied natural gas. By pursuing a multi-vector and neutral foreign economic policy on the world stage, Vietnam strives to avoid excessive dependence on external raw material sources in every possible way. At the same time, LNG is a fairly narrow-profile, essentially uncontested raw material with a high degree of price volatility and dependence on the global market, but also geopolitical conditions. Accordingly, the Vietnamese government will probably restrain plans for an excessive increase in the share of LNG in the national energy sector, focusing efforts on its diversification. Read more about Saudi Arabia's search for its own de-carbonization business model and the prospects for the development of the LNG market in Vietnam in the document.

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