Saudi Arabian state oil giant Aramco's project to extract lithium is "promising, but not yet commercially viable", the kingdom's mining minister told Reuters on Wednesday.

Saudi Aramco has announced plans to team up with state-run compatriot Ma’aden, a multi-commodity mining and metals company, to commercialise the extraction of lithium from underground salty waters at its vast oilfields in the kingdom, initially for the country’s own use.

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,

The proposed venture will focus on energy transition minerals, which includes lithium extraction from high-concentration deposits and use of cost-effective direct lithium extracti

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.