NESR Signs $200M Contract with Aramco for Lithium Project in Saudi Arabia
National Energy Services Reunited (NESR) announced a five-year contract worth up to $200 million with Saudi Arabian Oil Company (Aramco) to develop the first lithium project in Saudi Arabia. The deal involves NESR's pre-treatment and direct lithium extraction technologies, which are expected to play a key role in supporting global demand for battery-grade materials used in electric vehicles and renewable energy storage. The agreement marks a strategic expansion into the critical minerals sector for NESR and aligns with growing interest in domesticating supply chains for clean energy components. The project is seen as part of Saudi Arabia's broader economic diversification strategy, reducing reliance on oil revenues by investing in new industries like lithium extraction.
Tickers: $NESR
Topics: Energy Services Lithium Saudi Arabia