Turkish Wealth Fund Management Company will construct a $10 billion refinery and petrochemicals complex in Ceyhan, in Turkey’s southeastern Adana province, the Wealth Fund’s officials told Anadolu Agency on Tuesday.

Ceyhan is touted as a hub for petrochemical products and already has one petrochemical project under development in the region.

The decision to develop the complex marks the fund’s first greenfield investment in the energy sector. It is also in line with Turkey’s Treasury and Finance Ministry’s New Economy Program for 2020-2022 to reduce dependency on energy imports, of which Turkey pays $43 billion on an annual basis.

Read more: Turkish fund to build $10B petchem & refinery facility