Saudi Aramco, the world's largest oil company, is ramping up investments in lithium production as part of Saudi Arabia's push to diversify its economy beyond oil, according to the Financial Times.
The kingdom reportedly plans to establish lithium processing facilities within five years, focusing on refining and exporting the metal vital for electric vehicle (EV) batteries. Alongside this, Saudi Arabia is building an EV manufacturing hub in King Abdullah Economic City. The country also aims to expand its mining sector, including extracting lithium from oilfield brines to leverage its expertise in oil extraction, the media outlet said.
