Spanish oil company Repsol YPE SA has announced that it will hold a board meeting on January 15 to vote to confirm its confidence in Chairman Antonio Brufau.

While filling to the Spanish market regulator, the company has revealed that it will vote on the degree of success if it’s strategic plan.

Earlier this week, some of the Spanish news channels reported that the company’s leading shareholder, Sacyr-Vallehermoso SA, has in past weeks been looking for a replacement for Brufau.

Highly indebted Sacyr in current months has been at odds with Brufau over the allocation of funds.

At the same time, Sacyr has tried to keep Repsol dividends unchanged despite falling profits, Brufau in the month of November last year successfully pushed for a dividend cut in order to maintain the company's investment plan.