Repsol, Spain’s largest oil company, has announced that its board has sanctioned a huge interim dividend of 0.425 euros per share, which is less than the 0.525 euros awarded last year.

While talking to reporters, chairman of Repsol, Antonio Brufau said, “This dividend balances an adequate return for shareholders with the investment plan aimed at putting the company on track for growth.”

Further, a spokesperson from the company told reporters that the dividend cut was backed by all board members of the company.

As per reports, core shareholders had been forcing for the dividend to be maintained at the same level in 2009 as it was in 2008.

Company’s largest shareholder, debt-laden constructor Sacyr Vallehermoso, was against the reduction and also offered the company to sell assets or scale back its 28 billion euro investment plan to 2012.