RIO DE JANEIRO, May 15 (Reuters) - Brazil's federation

of oil workers, known as FUP, announced on Thursday a two-day

warning strike at state-run oil company Petrobras to

protest "against the stagnation in negotiations with the

company," according to a statement.

The strike, which still needs final approval by union

members, is set to take place on May 29 and May 30, and comes as

the company pledges to take austerity measures to cope with

lower oil prices.

Petrobras earlier this week reported a first-quarter net

profit of 35.2 billion reais ($6.25 billion), but said that

lower Brent crude oil prices would require the firm to cut costs

where possible.

"Dissatisfaction increased after statements by Petrobras'

Chief Executive Magda Chambriard signaling expense containment

plans, even in the face of the company's positive financial

performance," FUP said in the statement.

The main negotiations between the union and the company are

around Petrobras' variable compensation plan and the

cost-cutting policy, which FUP called "incoherent".

Petrobras said in a statement that it was not officially

notified about the strike, adding that it respects the workers'

right to demonstrate.

($1 = 5.6275 reais)