Abu Dhabi's International Petroleum Investment Company (IPIC), which has a 64 per cent stake in plastics products maker Borealis, is not in talks to buy Austrian energy company OMV's 36 per cent stake, said a top official.

The UAE capital's sovereign wealth fund, IPIC already owns nearly 25 per cent of OMV.

"We really haven't discussed it at all," Format magazine quoted Borealis chief executive Mark Garrett as saying in an interview printed on Friday.

Playing down the speculation that a change in its ownership structure might be in the works, Garrett said: "I don't believe anything is being negotiated, and I would know. It seems this is media speculation at the moment."

OMV's chairman in September also denied talk that OMV's stake could be sold to the Abu Dhabi firm.-Reuters