Russian oil giant OAO Rosneft's (ROSN.RS) market capitalization could be a third higher if markets improve and the company works more effectively, Chief Executive Igor Sechin told President Vladimir Putin Tuesday, Russian news agencies report.

Asked by Mr. Putin about future growth in Rosneft's capitalization, Mr. Sechin said the state-controlled company could be valued at $120 billion, according to Prime and Interfax news agencies.

Rosneft stock was up 0.8% at $8.76 Tuesday in London , valuing the company at $92.8 billion.

Rosneft stock rose 35% last year to $8.90 a share after it agreed to take over TNK-BP , Russia 's No. 3 producer from BP PLC (BP) and its partners in deals worth $55 billion.

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