Abu Dhabi's International Petroleum Investment Company (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 percent by IPIC and 36 percent by OMV.

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