Saudi Arabia Invests in Lithium Project
Saudi Arabia is moving toward economic diversification through a $200 million project in collaboration with Aramco and NESR to develop lithium extraction from water sources accompanying oil production, using direct extraction technologies. The project aims to produce approximately 2,000 tons annually of lithium carbonate by the end of 2027, to support the battery industry, electric vehicles, and energy storage. This approach enhances Saudi Arabia’s economic independence by leveraging its expertise in the oil sector, while helping to meet the expected surge in lithium demand within the kingdom, which may increase nearly 20-fold between 2024 and 2030. Additionally, the project contributes to localizing technology and reducing reliance on imports, aligning with Saudi Vision 2030’s goal of diversifying the national income sources.
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