Aramco and Maaden Form Lithium Venture

Saudi Arabia's state oil giant, Aramco, is entering the lithium extraction market through a joint venture with state miner Maaden, aiming to produce commercial quantities of lithium by 2027. This initiative, which follows the discovery of promising lithium concentrations in Aramco's oil and gas fields, is part of a broader strategy to diversify the kingdom's economy away from oil dependency. The partnership also reflects a commitment to innovation and sustainability, in collaboration with the King Abdullah University for Science and Technology. Industry experts have noted the project's potential, although it is not yet commercially feasible. The move aligns with Saudi Arabia's efforts to establish itself as a mining hub and secure a supply chain for lithium, crucial for the electric vehicle market. This diversification effort has been highlighted as a response to the instability of oil markets.