Vietnam’s state-owned energy group PetroVietnam has signed an MoU with Gazprom’s trading arm, Gazprom Marketing and Trading Singapore, for the procurement of LNG. Details about the terms and volumes of the possible shipments have yet to be revealed. Russia’s only LNG plant is located on the Pacific Island of Sakhalin. In June 2012, Gazprom had said that it was looking to expand its capacities by end-2012 to target the Asian market. Further, in early 2012, Gazprom and PetroVietnam had also agreed to drill several offshore fields in the Vietnamese part of the South Chinese Sea, which is estimated to hold 55.6 billion cubic metre of gas reserves and 25.1 mt of gas condensates.