Saudi Aramco plans to boost investments in lithium production, as Saudi Arabia aims to develop its own supply chain for the metal.

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,

State oil giant Aramco Saudi mining company Ma’aden have joined forces to explore and produce energy transition minerals.

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.