RIO DE JANEIRO, March 11 (Reuters) - Two Brazilian

cabinet members said on Monday that a proposed extra dividend

suddenly axed by state-run Petrobras would be kept in

a reserve for future disbursement - keeping alive investor hopes

that they would gain expected returns.

On Thursday, Petrobras Chief Executive Jean Paul Prates

proposed to the oil company's board that shareholders be paid

50% of a potential 44 billion reais ($8.8 billion) extraordinary

dividend as per the company's bylaws, but government-appointed

board members voted to withhold the money.

The move blindsided investors, who expected an extraordinary

dividend of $3 billion or more in addition to a routine payout

of 14.2 billion reais ($2.9 billion).

A day later, two energy ministry sources told Reuters that

Brazilian President Luiz Inacio Lula da Silva's government

intended to revise the rules governing the reserve so it could

be used for reinvestment.

Following a meeting with Lula, Prates and Finance Minister

Fernando Haddad, Energy Minister Alexandre Silveira told

reporters that the reserve fund's purpose was the distribution

of dividends "at the right moment".

Haddad said that Petrobras' board would reevaluate in the

coming "weeks and months" how the extraordinary dividends might

be distributed.

But prior to the meeting, Lula said in an interview with TV

channel SBT that Petrobras should be a motor for economic growth

and job creation over shareholder returns.

Petrobras shares, which dove nearly 11% on Friday erased a

meager recovery to fall about 1% after Lula's remarks were

broadcast.

His comments contrasted sharply with remarks by Prates to

Reuters earlier on Monday that Lula had not interfered with the

company's dividend decision and that the board could still

approve an extra dividend at an April shareholder meeting.

After the meeting, Prates told local newspaper O Globo that

he was not planning to leave his role over the issue.

($1 = 4.9791 reais)