7/105 sources · 5 publishersUpdated Oct 9, 04:21 UTC
NESR and Aramco sign $200M lithium extraction agreement for Saudi Arabia
National Energy Services Reunited Corp. and Saudi Aramco have entered a five‑year contract worth about USD $200 million to develop Saudi Arabia’s first direct lithium extraction project. The venture will produce 2,000 tons per year of battery‑grade lithium carbonate and is slated to start production in late 2027. NESR will apply its LiThara™ platform while Aramco contributes its subsurface expertise.
Why it matters
NESR’s shares rose about 2.8% in pre‑market trading after the announcement, reflecting investor optimism per the seekingalpha report.
Key facts
- 1The contract is valued at approximately USD $200 million over up to five years. prnewswire.com
- 2The project will produce 2,000 tons per annum of battery‑grade lithium carbonate. prnewswire.com
- 3Commissioning and start of production are planned for late 2027. prnewswire.com
- 4The project will use NESR’s LiThara™ platform for direct lithium extraction and carbonation. prnewswire.com
- 5Aramco will provide subsurface expertise developed through its exploration and operations activities. zawya.com
Summary written by AlphAI from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.