Saudi Aramco (ARMCO) plans to boost investments in lithium production, the Financial Times reported, citing three people close to the company, as the world's biggest oil company eyes developing its own supply chain for the metal that powers electric vehicle batteries.

Saudi Arabia has unveiled a joint venture between the state oil company Aramco and the state mining company Ma'aden. The collaboration focuses on extracting lithium, a vital component in batteries for electric vehicles (EVs),

Saudi Arabia’s main oil and mining companies are forming a joint venture to produce lithium, a key metal for the energy transition, as the kingdom pursues a bigger role in mining.

Integrated energy and chemicals company Aramco and Ma’aden, a multi-commodity mining and metals company, have signed non-binding heads of terms outlining the potential formation of a minerals exploration and mining joint venture (JV) in Saudi Arabia.

Saudi Aramco, the world’s largest oil company, is to expand its investments in lithium production in the race to build a supply chain for the metal vital for batteries to power electric cars. China controls about two-thirds of the market in lithium processing,