An oil giant is taking big steps; Saudi Arabia can't afford for it to slip

As the kingdom prepares for its next evolution, Saudi Aramco is central but a planned public listing leaves the company, and the country, at risk

Ras Tanura port, Saudi Arabia, on the calm blue waters of the Persian Gulf, operates with militarylike precision. Black- and red-hulled super oil tankers must ask for permission to load months in advance. Detailed records go back 30 years to trace any vessels that have broken the rules by dumping oil or using substandard equipment. High-tech radars constantly scan for potential troublemakers, like boats sent from Iran.

At the top of the hexagonal control tower, staff dressed in neat white uniforms with officers’ epaulettes keep watch, looking over the sweep of countless storage tanks and ships. “If a target tries to