UPDATE 1-Brazil budget not affected by Petrobras extraordinary dividends, says Haddad
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BRASILIA, March 11 (Reuters) - Brazilian Finance Minister Fernando Haddad said on Monday that the government budget wasn't made counting on an extraordinary dividend from state-run oil firm Petrobras, adding that the lack of one does not compromise the country's primary result.
"In Brazil's budget, what appears as revenue are ordinary dividends. The treasury did not make a budget with the distribution of extraordinary dividends," Haddad told journalists after a meeting with President Luiz Inacio Lula da Silva, Petrobras CEO Jean Paul Prates and Brazil's energy minister, Alexandre Silveira.
"If they (extra dividends) are distributed, they will improve our conditions, but we are not depending on them to perform," Haddad added.
On Thursday, Prates presented a management proposal to the board for Petrobras to pay shareholders 50% of the potential extraordinary dividend under company bylaws, but government-appointed board members voted to withhold the money, which drove its shares down more than 10% on Friday and another 1.3% on Monday. (Reporting by Victor Borges; Writing by Andre Romani; Editing by Brendan O'Boyle)
