Aramco joins Adnoc in lithium extraction

According to Reuters, Saudi Arabia and the United Arab Emirates' national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs).

Other oil companies, including Exxon Mobil, opens new tab and Occidental Petroleum, opens new tab, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels.

Saudi Arabian economy for decades has relied on oil, is spending billions on trying to turn itself into a hub for EVs as part of Saudi Crown Prince Mohammed bin Salman's attempts to find alternative sources of wealth.

Saudi Aramco opens new tab and Abu Dhabi National Oil Company were in the very early stages of work to extract lithium, regarded as a critical mineral by many major economies because of its use in battery manufacture.

DLE technology is in its infancy and its economics are far less certain than those of oil.

Saudi Arabia and the UAE can draw on expertise in handling oil brine and wastewater at oil production sites.

An advantage of filtering the ultra-light battery metal from salt water is that it avoids the need for costly and environmentally challenging open pit mines or large evaporation ponds, as employed in the world's leading producers Australia and Chile.

China is the biggest processor and consumer of lithium, needed for electric and hybrid vehicles.

               

India-ADNOC sign agreement for supply of LNG

ADNOC Gas (ADNOC Gas), a world-class integrated gas processing company, has signed a 14-year supply agreement with Indian Oil Corporation (IOCL) for the export of up to 1.2 million metric tons per annum (mmtpa) of liquefied natural gas (LNG) to India’s largest integrated and diversified energy company.

The agreement, valued in the range of US$7 billion to US$9 billion over its 14-year term, signifies a major step forward in the partnership between the two industry leaders.

The landmark deal marks another significant milestone for ADNOC Gas as it expands its global reach, reinforcing its position as a global LNG export partner of choice, and reaffirming IOCL as its key strategic partner in the LNG market.

Commenting on the agreement, Ahmed Alebri, Chief Executive Officer of ADNOC Gas said, “We are pleased to announce this long-term LNG sale, further strengthening the long-standing partnership with IOCL. We look forward to expanding our collaboration and take pride in the knowledge that ADNOC Gas’ LNG exports will further support the development of IOCL and contribute to India’s growth story.”

Under the terms of the agreement, ADNOC Gas will deliver up to 1.2 mmtpa of LNG to IOCL to India. The deal serves as a testament to ADNOC Gas’ ability to meet the growing global demand for LNG, a critical fuel in the energy transition.