New Delhi
Saudi Arabia, rich in oil reserves and natural gas, has hit another jackpot. Lithium reserves have been found in Saudi marine areas. Saudi Arabia’s state-owned petroleum and natural gas company Aramco has begun extracting lithium as part of an oil field pilot project. According to the report, other oil companies including Exxon Mobil and Occidental Petroleum (OXY.N) are also interested in working on lithium.
The number of electric vehicles is increasing in the world
Saudi Arabia’s economy has been dependent on oil for many decades. Today the number of electric vehicles is increasing in the world. Governments of many countries including India are also providing subsidies to auto companies to promote electric vehicles. In such a situation, finding lithium reserves is a big ‘good news’ for Saudi Arabia.
Saudi government engaged in promoting lithium mining
Saudi Arabia’s Deputy Minister of Mining Affairs, Khalid bin Saleh Al-Mudaifar, has announced that the kingdom will soon launch a commercial pilot project to promote lithium mining. It is expected that if lithium prices increase in the international market, Saudi will get huge benefits. In fact, as the sources of fossil fuels are depleting rapidly, scientists are increasingly looking for alternative sources of energy. Lithium is also called white gold or modern oil. Lithium is used in making batteries of mobiles, laptops, electronic cars.
Lithium reserves found in India also
Let us tell you that reserves of lithium have been found in India also. Lithium is worth billions of rupees. Lithium reserves have been found in Jammu and Kashmir. The quantity of lithium reserves found by the Geological Survey of India is said to be 59 lakh tonnes. Renewable energy can be stored in ion batteries made with the help of renewable energy and lithium. This is a rechargeable battery and its life is also long.
