Japan’s government declared it has no intentions to invest in state-run oil firm Saudi Aramco’s planned initial public offering (IPO), reported Reuters.

An advisor to the Japanese Prime Minister, Yasutoshi Nishimura, said: “Japan will likely be cooperating in new industries to reflect Saudi Arabia’s intention to develop new and non-energy industries,” according to Rigzone.

Tokyo’s comments came after Saudi Arabia’s Capital Market Authority earlier announced new rules permitting foreign investors to buy shares directly in IPOs including oil giant Saudi Aramco, in which the new policy will take effect at the start of 2017.

In April, Saudi Arabia launched radical economic reforms designed to develop non-oil industries in order to cut its reliance on oil exports and attract foreign investment. The centerpiece of the reforms is the sale of a stake in Saudi Aramco, which some sources said could be valued as high as $4t.