The two sides discussed the initiative to develop the refinery and petrochemicals complex, which would secure the supply of 600,000 barrels per day of crude oil.
Chinese e-commerce giant Alibaba still holds the record with a USD 25 billion IPO in New York in 2014.
Aramco is expected to sell a total of five per cent on two exchanges, with an initial listing of two per cent on the Tadawul Saudi bourse in December.
Saudi Ambassador Dr Saud bin Mohammed Al Sati said that more than 40 opportunities for joint collaboration and investments across various sectors have been identified between both countries.
India is also keen to not allow any let-up in its ties with Saudi Arabia, which has had a longstanding and close relationship with Pakistan.
It is unlikely that even high crude oil prices would push up retail inflation high enough for RBI to put hold on expected interest rate cuts since the price rise effect is expected to be short term.
Uncertainty over the oil situation following a drone attack on Saudi Aramco spooks bourses, forces foreign institutional investors to pull out Rs 800 crore in a single day.
Indian oil refiners may have to increase retail fuel prices Rs 5-6 per litre over the next fortnight if crude oil price rises by $10 a barrel.
Saudi Aramco has had to cut production by as much as 5 million barrels a day after the attack on the Abqaiq plant, according to a person familiar with the matter.
Drones claimed by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia.
It wasn't clear if there were any injuries in the assault on the processing plant in Buqyaq and at the Khurais oil field.
Aramco has said it plans to float around five per cent of the state-owned company in 2020 or 2021 in what could potentially be the world's biggest stock sale.
Though the transaction would be value dilutive of EPS by 6 per cent for RIL’s standalone, the transaction will allay investor concerns on RIL’s high debt levels, Nomura said.
Reliance announced agreeing to a non-binding letter of intent from Saudi Aramco for a proposed investment in its refining, petrochemicals, and fuel marketing business.
The transaction will give the world’s biggest oil producer a one-fifth stake in the world’s biggest oil refinery at a $75 billion enterprise value, equivalent to $15 billion for Aramco’s stake.