Saudi Aramco is steadily leaning into the energy transition and this week signed a preliminary agreement with fellow state-backed firm Ma’aden to form a new “transition minerals JV.” The JV will have a particular focus on lithium, with an eye on beginning commercial production by 2027.
Aramco has for decades been the bedrock of the Saudi economy, producing 10.68mn b/d of oil last year and 10.67bn cfd of sales gas and ethane for 2023. It generates billions of dollars in revenue annually and underpins the kingdom’s expanding industrial base. Now, with the development of secure supply chains of transition minerals such as lithium key to the government’s economic growth plans, Aramco is being tasked with securing domestic production. (CONTINUED - 1032 WORDS)
