Hetco, the trading unit of New York-based energy firm Hess Corp., opened a new office in Geneva this month after recruiting a trader from Cargill Inc.
“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.
Mike Godyn, a distillates trader, moved last month to Hetco in Geneva from the trading arm of Cargill, the largest closely held U.S. company.