Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Saudi giant Aramco snaps up slice of Exeter tiddler

Saudi Aramco, the world's biggest oil producer, has taken a 25 per cent stake in a tiny Exeter-based manufacturer of drilling products.

Saudi Arabia's 80-year-old state oil company and Calculus Capital – which recently took a slice of the Benito's Hat Mexican restaurants chain – paid £2m each to own half of AnTech. The oil services tiddler has developed drilling tools that resemble missiles, called Polaris and Colt, that help strike black gold more accurately and cheaply in difficult-to-reach shallow wells.

Saudi Aramco accounts for one in 10 barrels of oil produced globally. AnTech was founded in 1992 as a design house by Toni Miszewski, who is managing director. The deal has been made through the Government's Enterprise Investment Scheme.