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, but an increasing number of western and Middle Eastern companies are investing in developing their own supply chains.
Saudi Aramco is expected to announce today that it will boost investments in lithium development, according to three people close to the company, as part of broader moves to become a mining hub and diversify from oil.
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