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 .

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) (Reporting by Rodrigo Viga; Additional reporting by Andre Romani and Victor Borges; Writing by Fabio Teixeira; Editing by Brad Haynes, Bill Berkrot and Edwina Gibbs)