SAO PAULO, June 27 (Reuters) - Brazilian state-owned oil

giant Petrobras said on Thursday in a securities

filing it will raise its participation in financing employee

health plans to 70% from current 60% starting in July.

According to the company, the measure would reduce its

annual operational cash flow by about 500 million reais ($90.89

million).

Petrobras added it will report the financial effects of the

higher health plan participation in its second quarter results.

($1 = 5.5009 reais)