diff --git a/MvsSln/Core/SlnParser.cs b/MvsSln/Core/SlnParser.cs
index 9042a1a..4cb81fc 100644
--- a/MvsSln/Core/SlnParser.cs
+++ b/MvsSln/Core/SlnParser.cs
@@ -156,7 +156,7 @@ public ISlnResult Parse(StreamReader reader, SlnItems type)
 
             if((type & SlnItems.ProjectDependenciesXml) == SlnItems.ProjectDependenciesXml)
             {
-                if(data.Env?.Projects != null)
+                if(data.ProjectDependencies != null && data.Env?.Projects != null)
                 {
                     // The following class provides additional features for project references in ISlnPDManager manner, 
                     // But we'll just activate references for existing ProjectDependencies (shallow copy)
diff --git a/MvsSlnTest/SlnTest.cs b/MvsSlnTest/SlnTest.cs
index 8527210..c2fcbec 100644
--- a/MvsSlnTest/SlnTest.cs
+++ b/MvsSlnTest/SlnTest.cs
@@ -424,6 +424,16 @@ public void SlnItemsTest2()
             }
         }
 
+        [Fact]
+        public void SlnItemsTest3()
+        {
+            //report https://github.com/3F/MvsSln/issues/25#issuecomment-743840401
+            using(var sln = new Sln(SlnItems.All, string.Empty))
+            {
+                Assert.Null(sln.Result.ProjectDependencies);
+            }
+        }
+
         [Fact]
         public void MapTest1()
         {