Polar Train LNG Loses Leadership Over Novatek Funding Claims

The top management team of Polar Train LNG has resigned, citing allegations that Russia's Novatek secretly financed and controlled the US$25 billion gas export project. The departure follows a report by the Financial Times detailing internal disputes over the role of the Russian energy giant in the Alaskan venture.

Joel Riddle, the former chief executive, told the Financial Times he raised concerns about potential breaches of US sanctions. He stated that he learned Novatek was funding the venture and directing its strategic direction before the US Treasury Department granted the necessary approvals to negotiate with the Russian group. Riddle resigned in September, and chief financial officer Dan Chandra followed suit.

"I resigned as chief executive of Polar LNG because I felt uncomfortable that the Russian company Novatek was financing and ultimately controlling the strategic direction of the company," Riddle said.

Riddle initially believed the project's funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based company. He later learned that Beach was neither a shareholder nor an executive and had not invested in the project. The Financial Times reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project and pushed for faster fund transfers.

Polar LNG rejected the allegations, stating that Riddle had been dismissed and characterizing him as a "disgruntled employee." The company insisted the project aligns with US law. Novatek responded that it signed a memorandum with Polar Train in April, allowing Tech Wave to use its technology in Alaska, while Riddle was still leading the firm.

The project, launched in March, involves relocating a partially built Novatek terminal to northern Alaska. According to people who spoke to the Financial Times, the venture has become part of business discussions between Washington and Moscow aimed at ending Russia's war against Ukraine. Reports suggest the talks included a potential swap where Novatek provides expertise for the Alaska terminal in exchange for sanctions relief on Russia's Arctic LNG 2 project.

In February 2026, Gentry Beach announced an agreement with Novatek on the gas project. On October 9, reports indicated Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.