Saudi Arabia Reform: Kingdom sees 'Aramco' as central to funding its reform program

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Saudi Arabia is trying to fund its reform program, and sees a record share sale by state-owned oil company Aramco as central to this. But concerns are growing about the cost of delays in the auction. Our correspondent Guy Henderson got a tour of Aramco's head office in Eastern Province.

Alongside the wellheads in what's known as the "Empty Quarter", a new refinery – and a petro-chemical plant.

This is Shaybah: just one of the latest Saudi Aramco mega-projects. Then there's Manifa: 27 man-made islands off the Arabian Gulf Coast. Operational since 2013. One of the largest oil fields in the world.

It's no secret that Aramco, like its competitors, is trying to write oil's next chapter. Investing through the supply chain: shipping, construction, even healthcare.

They're happy to show us that here. Its plans for the largest share offer in history, no one's talking about.

GUY HENDERSON DAMMAM ARAMCO HQ "These are offices of one of the largest companies on the planet. It is not easy to access this premises, and our hosts are even more restrictive about what we film inside."

Our camera wasn't allowed beyond the corridors: not where top executives spend much time.

An engineer was available: not to talk about whether those shares could really be worth 100 billion dollars but anything that might help boost their chances. Like some of their latest technology, a gadget to detect underwater pipeline corrosion.

We did get to see a little piece of history though: well number seven. In 1938, the first to be commercially viable.

In the decades after, that discovery shaped this country and continues to feed state coffers.

GUY HENDERSON DAMMAM ARAMCO HQ "Saudi Aramco's astronomical revenues have been central to the country's past. They're now set to play a vital role in its future plans. The Kingdom's mineral profits are being used to fund a massive social and economic reform program. Essentially, using oil money to wean itself off it."

It can ill afford to fail: and a five percent sale has for some time been the planned headline act.

The Crown Prince has been touring the globe to drum up interest. But it hasn't happened yet. There are some doubts that's simply the result of low oil prices.

ANAS AL HAJJI SENIOR OIL MARKETS ANALYST "Saudi policy is very clear when it comes to the price. They want stability; and with that they can guarantee that the IPO will be successful, during the IPO and several years after the IPO."

Slick glimpses of the future were on offer here. On the listing, it's a vault. GH, CGTN, AT SAUDI ARAMCO HQ.