U.S. energy major Exxon Mobil said on July 25 it had signed a non-binding agreement to supply lithium from its proposed Arkansas project to South Korean EV battery maker SK On.
The agreement has the potential to be a multi-year offtake deal of up to 100,000 metric tons, the company said.
Exxon in November announced plans to produce lithium from pumped out brine in Arkansas, from regions considered to hold significant deposits of the metal.
SK On, a unit of SK Innovation, intends to use the lithium for making EV batteries in the U.S.
The company, which supplies to Volkswagen and Ford Motor, operates two facilities for making batteries in Georgia. It is building four more plants jointly with automakers.
"Through this partnership with Exxon Mobil, we will continue strengthening battery supply chains in the U.S.," said Park Jong-jin, executive vice president of strategic procurement at SK On.
Recommended Reading
Ecopetrol in Discussions with Oxy to Buy $3.6B Stake in CrownRock
2024-07-19 - Occidental Petroleum is in talks with joint venture partner Ecopetrol SA to acquire a 30% stake in CrownRock LP for approximately $3.6 billion, according to regulatory filings.
Occidental Closes $12 Billion Acquisition of CrownRock
2024-08-01 - Occidental has already started the process of reducing debt incurred through its acquisition of CrownRock LP with an $817 million sale in late July of Delaware Basin assets to Permian Resources.
Debt, Politics and Gas: Ecopetrol Explains Rejecting $3.6B Oxy Deal
2024-08-16 - Ecopetrol said its decision to not move forward with a $3.6 billion deal to acquire Oxy’s CrownRock LP assets was mainly due to the impact on its leverage, but also political shifts under Colombian President Gustavo Petro.
Oxy Faces Mounting Debt as Ecopetrol Declines CrownRock Deal
2024-08-06 - Fitch Ratings and Moody’s Ratings expected an Ecopetrol deal of $3.6 billion to help Occidental Petroleum reach its $4.5 billion to $6 billion debt reduction target.
Oxy CEO Hollub on Divestment Plans: This is Not a ‘Fire Sale’
2024-08-08 - Occidental Petroleum is keeping under wraps what it might sell to prevent compromising “our ability to maximize the value,” CEO Vicki Hollub said during an Aug. 8 earnings call.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.