February 12, 2015 / 11:58 PM / 3 years ago

Oaktree closes HETCO deal, trader renamed to Hartree Partners

NEW YORK (Reuters) - Alternative investment manager group Oaktree Capital Management LP has completed the purchase of Hess Corp's (HES.N) 50 percent share of its proprietary energy trader, Hess Energy Trading (HETCO), according to a statement on Thursday.

The deal, which will result in a name change for HETCO to Hartree Partners LP, comes more than a year and a half after Hess launched the sale of HETCO. The energy trader is a joint venture formed in 1997 by two former Goldman Sachs partners and Hess that trades physical oil, natural gas and other energy commodities.

Hartree, also known as Hartree energy, is an atomic unit of energy named after British physicist and mathematician Douglas Hartree.

Reporting By Catherine Ngai; Editing by Steve Orlofsky

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