Oil giant Saudi Aramco will open an Indian subsidiary next week, three sources said, as the top global oil exporter looks to tap rising demand and invest in the world's third-biggest consumer.
The company is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country.
Saudi Arabia is competing with Iraq to be India's top oil supplier, with Iraq displacing it for a fifth month in a row in August, data compiled by source showed.
Aramco Chief Executive Amin Nasser will inaugurate Aramco Asia India during a visit to New Delhi next week to attend the IHS-CERA conference, which starts on Sunday and which will also be attended by OPEC Secretary General Mohammed Barkindo.
Nasser will also meet Indian Prime Minister Narendra Modi on Monday as part of an industry delegation to discuss investment in the oil and gas sector, one of the sources said.