Ipic may up Borealis stake, says CEO

Abu Dhabi's International Petroleum Investment Co. (Ipic) may raise its stake in plastics maker Borealis, the chief executive of Borealis said on Tuesday.

"There is always a possibility of that. They (IPIC) could raise the stake," Mark Garrett told reporters in Abu Dhabi.

He added that Ipic could buy shares through an initial public offering (IPO) through which joint owner, Austria's OMV, said three weeks ago that it planned to sell shares it owns in Borealis.

Ipic officials were not available for comment. Borealis is owned 64 per cent by Ipic and 36 per cent by OMV.

Borealis is also looking at acquisitions in the fertilisers and polyolefins sector in Europe, Asia and the Middle East, Garrett said.

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