On January 19, local time, Serbian Mining and Energy Minister Handanovic said Hungarian Oil and Gas Company (MOL) and Gazprom have agreed on the transfer of the Russian shares in PetroSerbia, and that the purchase agreement will be submitted to the U.S. Treasury Department's Office of Foreign Assets Control.

According to the agreement, Serbia will acquire another 51 TP3T of shares in Petro Serbia, Handanovic said. Currently, Gazprom and its subsidiary Gazprom Neft hold a total of 56.21 TP3T in PetroSerbia, while Serbia holds 29.871 TP3T. Handanovic said the increased shareholding will give Serbia greater influence and control over the company's decisions.

Handanovic also said that UAE partners are expected to join the agreement.