(Yicai Global) Feb. 20 -- Invista, the world's  largest maker of integrated fiber, resin and intermediates, has outlined  plans to pour more than USD1 billion into a facility in Shanghai, which  will represent its biggest-ever single investment globally.

The firm, part of the US multinational Koch  Industries, has struck an agreement with Shanghai Chemical Industry Park  for a facility capable of producing 400,000 tons of a polymer nylon  precursor called adiponitrile annually, the Kansas-based firm said in a  statement. Construction is slated to start next year for operation in  2023.

Shanghai is very attractive to Invista, Chief Executive Jeff Gentry said.

The company has invested more than USD600 million  in China over the past few years, including two factories in Shanghai  Chemical Industry Park. The adiponitrile production base will achieve  synergies with these facilities in terms of their upper and downstream  industrial chains.

The chemical industry is an important part of  Shanghai's real economy, a representative for Shanghai Chemical Industry  Park said, adding that the site aims to comply with the world's highest  standards and strictest requirements. 

The park focuses on industrial projects with high  technologies and it is exploring the development of a world-class  petrochemical industry base with 80 percent of participants expected to  be foreign-funded firms. 

Editor: William Clegg