Russia’s Gazprom said on Monday its board of directors has approved the subscription of a 15.46 million euro ($19.2 million) capital hike of Swiss-based South Stream Serbia, the company established to build the Serbian section of a pipeline that would carry Russian gas to Europe.

Gazprom will subscribe the issue of 51 new shares of South Stream Serbia with a nominal value of 1,000 Swiss francs each and a placement price of 303,136 euro per share, the company said in a filing with the Moscow Stock Exchange.

The Russian company currently owns a 51% stake in the capital of South Stream Serbia, while Serbian gas monopoly Srbijagas controls a 49% shareholding interest, according to data from the website of Gazprom.

Earlier this month, Gazprom said the vote on a proposal to increase the company’s stake in South Stream Serbia is on the agenda of a meeting of Gazprom board of directors.

The company will be renamed from South Stream Serbia to Serbian Stream.

In December, Russia’s government said it adopted an amendment to its agreement with Serbia’s government to allow the Southeast European country to re-export Russian natural gas to third countries.

The Bulgarian government proposed in December 2014 to the European Commission to build an EU-funded regional gas hub near the country’s Black Sea port of Varna to dispatch gas deliveries to the rest of Europe – to Greece, Romania, Hungary, Croatia, Slovenia and, via those countries, to EU member states in central and western Europe, as well as to non-EU Serbia, Macedonia, and Bosnia and Herzegovina, according to Seenews.com.