Putin argues that presence of BP representatives on Rosneft board of directors will provide extra transparency

Russian President Vladimir Putin believes that the presence of BP representatives on the board of directors of Rosneft (RTS: ROSN) will lend additional transparency to the Russian company.

"If there is a representative of a major shareholder there on the board of directors, that will provide additional transparency to the activities of our largest oil company," Putin said at a meeting with members of the Valday international discussion club on Thursday.

Rosneft will become the largest oil-producing company in the world; but by production volume, including oil products, ExxonMobil will remain in first place, the president said.