Yamal LNG project in Russia has received €450m funding from China Development Bank and Export-Import Bank of China.

The Chinese banks have provided the first tranche of funding to the project as part of the deal signed by the project developers for financing worth $18.4bn.

Yamal LNG had signed a deal with the Export-Import Bank of China and the China Development Bank for two 15-year credit facilities in April, worth €9.3bn and RMB 9.8bn ($1.4bn).

The project being developed by Novatek (50.1%), CNPC (20%), Total (20%), and Silk Road Fund (9.9%); has already received RUB 150bn ($2.34bn) from National Welfare Fund of Russia.

Sberbank and Gazprombank have also agreed to provide 15-year credit line worth €3.6bn.

Earlier this month, Russian development bank Vnesheconombank had agreed to provide a guarantee of $3bn of debt to the project.

Yamal LNG project includes construction of 16.5 mmtpa natural gas liquefaction plant at Sabetta, north-east of the Yamal Peninsula, Russia.

The project being developed at a cost of $27bn near the South-Tambeyskoye field will have three trains, with first train scheduled for completion in 2017.

Yamal LNG general director Evgeniy Kot earlier this month said: "The first LNG train is more than 70% complete, we recently finalized the hydro-testing of the first cryogenic LNG tank, and the largest modules for the first LNG train have been shipped from the module fabrication yards.
"The project’s implementation is proceeding according to schedule."