Exxon Mobil signs non-binding lithium supply deal with LG Chem

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HOUSTON : Exxon Mobil said on Wednesday it has signed a non-binding lithium supply deal with battery parts maker LG Chem, the oil giant's second agreement to supply the electric vehicle battery metal from its proposed Arkansas project.

Officials have been debating a lithium royalty since at least 2018, with tension centering on how the metal should be valued given the cost for equipment to filter it from brine, which unlike oil typically has no intrinsic market value.

Despite recent lithium market turbulence, Howarth said Exxon has "seen really strong support from our potential customer base".

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Category: EconomyBusiness

Markets: SingaporeSouth Korea

Topics: Howarth Cent Chem Exxon Rate Plans Arkansas Lithium Supply Metal Officials

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-20 @ 19:03:43 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 598 words

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Sentences: 24 lines

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Copyright Owner: © Channel News Asia

News ID: 23719374

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