ISLAMABAD, Feb 27: A UAE-based company on Wednesday has offered to construct the $1.2 billion Neelum-Jhelum Hydropower Project in Azad Kashmir, its chief executive said on Wednesday.

Pakistan would secure its priority rights over the Neelum river if it immediately starts the project. The chief executive of Coastal Trading and Construction Company of Dubai, Yousuf Mohamed Najibi, which held meetings with senior officials of the water and power ministry, private power and infrastructure board (PPIB) and the minister for finance here on Wednesday also offered to consider some other hydropower projects in Pakistan.

The company has so far invested around $50 million in Pakistan in the Hufaz Pipe Plant, Nooriabad. It has recently increased its production capacity to meet the domestic and international demand of the oil and gas industry.

The pipe plant is currently producing 12,000 tons of pipes out of which 3,000 tons are being exported to Europe, the Far East and Oceania.

Finance Minister Shaukat Aziz stated that Pakistan offered a variety of hydropower projects ranging from 50 megawatts to over 1000 megawatts for investment. These power projects include hydel power plants and gas fired power projects.