Abu Dhabi has confirmed talks with Red Bull but denied it is looking to buy the energy drink company's second Formula One team Toro Rosso.
A Spanish newspaper reported this week that Aabar, already part-owners of the Mercedes team, was looking to buy a second team through its International Petroleum Investment Company (IPIC) and Spanish oil brand CEPSA.
IPIC chief Khadem Abdulla Al Qubaisi was at the most recent Spanish and Monaco Grands Prix.
In a statement issued on Wednesday, Abu Dhabi state-owned Aabar admitted it is "currently evaluating options of a potential project based cooperation with Austrian based Red Bull".
"These (talks) comprise possible joint activities between Red Bull's corporate projects and Abu Dhabi -- they neither include Red Bull's Formula One teams nor Red Bull's beverage business," Aabar insisted.
The statement also said Aabar has a "firm and lasting commitment as a 40 per cent stakeholder in ... Mercedes GP".