Invista, one of the world's largest integrated producers of polymers and fibers, announced on Thursday it will initiate a $1 billion nylon project at Shanghai Chemical Industry Park.

It has received approval from the Chinese authorities regarding both the environmental impact assessment and the project application report, a step toward its plan to construct a nylon 6-6 intermediates manufacturing facility, according to Warren Primeaux, president of Invista Intermediates.

Nylon 6-6 is preferred in many countries due to its higher value in use of lighter and cheaper automobile engines, fatigue resistant tires, high quality airbags and highly durable hosiery, but it is historically under-represented in China, which has to rely heavily on imports to meet its demand, he said.