Turkish producer Koksan has started building a $710mn PET project at Yangkou Port in Nantong city, Jiangsu province in March.
The project involves a 1mn t/yr PET resin unit, consisting of 800,000 t/yr PET and 200,000 t/yr recycled PET (rPET). Two 200,000 t/yr PET resin production lines will be built in the first phase.
By establishing the project at Yangkou Port, the company can fully utilise raw materials such as PTA from Chinese chemicals firm Tongkun's integrated polyester project at Yangkou Port to produce PET sheets. This not only gives Tongkun's PTA project an outlet but also provides cost-effective raw materials for Koksan's project.
The project can also leverage the existing inland river port and bulk cargo terminal to source raw materials from Chinese companies such as Sinopec, Sanfangxiang, and Yadong.
The Nantong Municipal Government estimates that the Koksan project is expected to achieve annual sales of $2.1bn and generate $52mn in annual tax revenue upon completion.
Koksan already planned to invest in China in mid-2024 and it ultimately decided to invest in Nantong's Rudong county, after conducting site evaluations in Dalian city's Changxing Island, Fujian province's Gulei town, and Guangdong province's Huizhou city.
