Abu Dhabi's International Petroleum Investment Co (IPIC) is looking for the possibility of hiking stake in plastics maker Borealis. The Chief Executive of Borealis Mark Garrett said that IPIC could buy shares through an initial public offering (IPO).

IPIC owns 64 per cent stakes in Borealis while remaining 36 per cent are owned by OMV. Borealis is also working out plans to increase its geographical presence in the world especially across the fertilizers and polyolefins sector in Europe, Asia and the Middle East.

His Excellency, Khadem Al Qubaisi, Chairman of Borealis' Supervisory Board and Managing Director of IPIC said that global outreach is not only meant for business growth but it should carry the people’s interests and ambitions.

He went on to say, "IPIC encourages its global family of companies to follow this model and we are pleased that Borealis has decided to support the Emirates National School and the Zayed Higher Organization for Humanitarian Care, Special Needs in Abu Dhabi."

Borealis Chief Executive Mark Garrett hailed firm’s joint venture with ADNOC and expressed commitment for the welfare of the communities in the UAE.