Not according to the Olive Oil Police... 
 
 Olive Oil Source: Cooking with Olive Oil
 
http://www.oliveoilsource.com/cooking_olive_oil.htm
 
 "Trans Fatty acids: Olive oil has no trans fatty acids.  When an oil
 is partially hydrogenated it can be in the cis or trans conformation
 which refers to which side of the fatty acid double bond the hydrogen
 is on. Olive oil is not a trans fatty acid because it has not been
 partially hydrogenated in a factory to make it solid at room
 temperature like margarine has.  Trans fat is created by bubbling
 hydrogen through 250 to 400 degree hot vegetable oil in the presence
 of a metal catalyst, usually nickel or platinum. The process can take
 several hours. You cannot accidentally make trans or saturated fatty
 acids at home on your range when heating olive oil or other oils."