Spain's Repsol said board discussed dividend cut

* Chairman Brufau raised dividend cut possibility

* Move opposed by Sacyr - media

MADRID, Nov 9 (Reuters) - Spanish oil major Repsol (REP.MC: Quote, Profile, Research) said on Monday its board had discussed a possible cut to the dividend to be paid against 2009 earnings.

"The dividend (cut) suggestion was a start to a discussion, not a formal proposal," a Repsol spokesman told Reuters.

Spanish media had earlier reported that Repsol Chairman Antonio Brufau had suggested cutting the dividend to 0.85 euros a share, a 20 percent cut on 2008.

Main shareholder Sacyr SYV.MC had opposed the suggestion, while shareholders Criteria (CRIT.MC: Quote, Profile, Research) and Pemex PEMX.UL, Mexico's state oil company, supported it, media including financial dailies Expansion and El Economista reported.

A Sacyr spokeswoman declined to comment, as did a Criteria spokeswoman. Sacyr bought a 20 percent stake in Repsol in 2006 for 6.5 billion euros ($9.7 billion), whose value has fallen almost 30 percent, according to estimates from Banesto.

At 1017 GMT Repsol shares were up 1 percent to 18.68 euros, lagging its sector index which was up 1.8 percent.

Repsol has two further board meetings scheduled before the end of this year.

Analysts are expecting Repsol to report a drop of about 50 percent in net profit in the third quarter when it reports nine-month results on Thursday. (Reporting by Sarah Morris and Robert Hetz; Editing by David Holmes) ($1=.6678 Euro)