Spain's government is offering to intermediate in the conflict between oil company Repsol's (REP.MC) largest shareholder Sacyr (SVO.MC) and members of the company's board, the industry minister said on Monday.

Sacyr, which holds 20 percent of Repsol, has openly voiced criticism of the oil group's management since it decided on a 19 percent cut in the group's 2009 dividend in December.

"If they want us to mediate, we are willing to lend a hand," Industry Minister Miguel Sebastian said.