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Saudi Arabia hits JACKPOT, discovers 'white gold' in its oil fields; what it means for the kingdom's oil-rich economy

^{Published on 2024-12-18 11:42:16 - MSN}
 

• Saudi Arabia, whose economy is based around its vast reserves of oil and natural gas, has found another source to diversify its oil-rich economy as the kingdom recently found lithium reserves in its oil fields near the sea.

Saudi Arabia has discovered a significant deposit of lithium, often referred to as "white gold," in its oil fields, marking a potentially transformative moment for its economy. This discovery, announced by the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, could diversify the kingdom's revenue streams beyond oil, which has been the backbone of its economy. Lithium, crucial for batteries in electric vehicles and electronics, positions Saudi Arabia to tap into the growing demand for sustainable energy solutions. This find not only promises economic diversification but also aligns with global trends towards renewable energy, potentially reducing the kingdom's reliance on oil and enhancing its geopolitical influence in the energy sector. The discovery is part of a broader strategy to explore and exploit mineral resources, aiming to make Saudi Arabia a significant player in the global supply chain for critical minerals.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/technology/general/saudi-arabia-hits-jackpot-discovers-white-gold-in-its-oil-fields-what-it-means-for-the-kingdom-s-oil-rich-economy/ar-AA1w6eGa ]

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