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Investing.com-- Exxon Mobil Corp (NYSE:XOM) is advancing plans to enter Chile’s lithium sector, eyeing opportunities in one of the world’s top-producing nations as it looks to diversify beyond fossil fuels, Reuters reported on Wednesday, citing a lobbyist registry and sources familiar with the matter.
The U.S. oil giant is scheduled to meet Chilean officials to discuss potential investments in lithium, a key material for electric vehicle batteries. The move follows Exxon’s late-2023 announcement of plans to produce lithium in the U.S., with ambitions to become a major global supplier, according to the Reuters report.
The company is also developing direct lithium extraction (DLE) technology, seen as a more environmentally friendly method, which aligns with Chile’s push for cleaner production, the report stated.
SLB (NYSE:SLB), the largest U.S. oilfield services firm, is also deepening its lithium ambitions. In January, SLB’s head of mining met with Chilean officials to explore partnerships, Reuters reported citing the lobbyist registry.
The company was one of eight selected last year to pilot lithium extraction in the Altoandinos salt flats, the report said.
Chile, home to the world’s second-largest lithium reserves, is ramping up efforts to expand output, currently dominated by SQM (BCS:SQMB) and Albemarle Corp (NYSE:ALB).
The government is courting private investors alongside state-run Codelco to boost production amid surging global demand for EVs, the report added.