Saudi Aramco buys stake in Reliance Industries, prepares for IPO

Saudi Aramco is buying a 20% stake in India’s Reliance Industries’ oil and chemicals business, a move that would help match its enormous crude production with refining capacity, as the company gears up for a planned IPO. The Saudi Arabia state oil giant brought in almost $47 billion in profits so far this year, down more than 11% from a year ago.