Aramco plans to expand investments in lithium: Report

Logo of Saudi Aramco 

Saudi Aramco plans to expand investments in lithium production to build a supply chain for the metal vital for batteries to power electric cars, the Financial Times reported today, Jan. 15, citing unnamed sources with knowledge of the matter.

The giant oil producer is expected to announce today that it will boost investments in lithium development as part of broader moves to become a mining hub and diversify from oil.

Bandar Alkhorayef, Minister of Industry and Mineral Resources, said that the Kingdom aimed to develop facilities to process the metal commercially in three to five years with plans for refining and exports.

“Saudi Arabia is very well positioned in processing because of the mixture that we have, starting from energy competitiveness, great infrastructure in terms of industrial cities and ports,” he added.