Alaska LNG Executives Exit After Finding Novatek Controlled Project

The leadership team of Polar Train LNG has effectively vacated its posts following a dispute over the project's funding sources. The Financial Times reported that almost the entire management group left the company. The organization is developing a gas export terminal in northern Alaska with a projected cost of $25 billion.

Joel Riddle, the former chief executive, stated that he raised concerns about potential violations of US sanctions. He resigned in September, and chief financial officer Dan Chandra followed suit. Other senior officials also departed from the firm. Riddle said he felt uncomfortable that Novatek, a Russian energy company, was financing the venture and directing its strategic direction.

Riddle explained that he initially believed the capital came from Gentry Beach and Tech Wave, an Abu Dhabi-based firm. He later learned that Beach had not invested in the project and held no executive or shareholder role. The company asked the US Treasury Department for permission to negotiate with Novatek, but that approval has not yet been granted.

According to Riddle, Novatek was already funding operations before the required approvals were in place. The Financial Times reviewed WhatsApp messages from Denis Solovyov, a Novatek board member. In those messages, Solovyov discussed financing details and urged a faster transfer of funds to Polar Train LNG.

Polar LNG rejected the allegations and said it dismissed Riddle rather than accepting his resignation. The company labeled him a disgruntled employee and insisted the project aligns with US law. Novatek stated that it signed a memorandum with Polar Train in April, at which time Riddle was still in charge. The Russian firm said it agreed to let Tech Wave use its technology in Alaska.

Individuals who spoke to the newspaper said the project featured in business talks between Washington and Moscow. Those discussions included a possible deal where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project. Reports on October 9 indicated Russia sought sanctions relief as part of negotiations for an energy ceasefire with Ukraine.

The project launched in March with the goal of relocating a partially built Novatek terminal to Alaska. In February 2026, reports indicated that Gentry Beach, a friend of Donald Trump Jr., had announced an agreement with Novatek regarding the gas project.