Saudi Arabia’s oil giant is set to explore lithium mining within the country, reflecting a trend where traditional fossil fuel companies are investing in this vital component for the global shift to renewable energy.
Saudi Aramco has announced a joint venture with the leading mining firm in Riyadh, spurred by the discovery of promising lithium deposits in its existing oil-producing regions.
The partnership aims to harness Aramco’s expertise to meet the soaring lithium demand in Saudi Arabia and potentially worldwide. The company projects a 20-fold increase in domestic lithium demand by 2030, which could support the production of up to 500,000 electric vehicle batteries.