Hess’s Trading Unit Hetco Opens Office in Geneva for Oil

Hetco, the trading unit of New York-based energy firm Hess Corp. (HES), opened a new office in Geneva this month.

“Hetco has established a small office in Geneva because the city has become one of the leading centers for international oil trading,” Jon Pepper, a spokesman, said by e-mail.

Geneva accounts for about a third of the world’s crude and oil products trading, according to the Swiss city’s commodity trading and shipping association. Vitol Group and Trafigura Beheer NV, two of the five biggest independent oil traders, already have offices in Geneva.

Hetco is working from an office on Rue du Rhone, the same street as the headquarters of Mercuria Energy, another of the five largest independent energy traders, Switzerland’s register of companies shows. Pepper declined to provide further details about the office.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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