Representatives from Yangkou Port and Tongkun Group, a polyester producer sign agreements at Rudong county in Nantong, East China's Jiangsu province, Feb 14. [Photo/Wechat account of Rudong new media]

A polyester project with an investment of 16 billion yuan ($2.36 billion) will be settled down at Yangkou Port in Rudong county, Nantong, East China's Jiangsu province, announced the port on Feb 14.

Tongkun Group, a major producer of purified terephthalic acid (PTA) and polyester-related products, plans to build its main factory of 2,330 mu (155.33 hectares) in Yangkou Port.

In December 2018, Chen Shiliang, chairman of Tongkun Group visited Rudong and reached cooperation agreements with the local government.

With the latest global technology in producing PTA, the group will produce products to meet the highly personalized customer needs.

Tongkun Group ranks first among the world's polyester companies in production capacity and output and has been listed among the top 500 Chinese companies since 2002.