Saudi Aramco and Saudi Basic Industries Corp. will re-evaluate a planned $20 billion crude-to-chemicals plant as they seek to cut spending and as the oil company tries to preserve its dividend. The two firms intend to incorporate existing facilities into the Yanbu project on Saudi Arabia’s Red Sea coast instead of building an entirely new one, Sabic said in a statement Sunday.

“In the long-term, this is an indication of a weaker outlook for growth,” said Hasnain Malik, the Dubai-based head of equity strategy at Tellimer, a research firm specializing in emerging markets.

Converting crude directly into high-value chemicals instead of transportation fuels is part of Aramco’s plan to diversify from selling oil and earn more profit from each barrel it pumps. The world’s biggest oil company aims to roughly double refining capacity to boost its unprofitable downstream unit. Its $69 billion acquisition of 70% of Sabic from Saudi Arabia’s sovereign wealth fund is key to that goal.

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Lower oil prices led to a 73% drop in Aramco’s second-quarter profit and a sharp increase in debt, though it maintained a commitment to pay a dividend for 2020 of $75 billion, which will likely be the world’s biggest. Almost all of it will go to the Saudi government, which owns 98% of Aramco.

“Signals that capex is being trimmed should be welcomed by debt and equity holders in the short-term because it frees up cash for debt servicing and dividends,” Tellimer’s Malik said.