Polar Train LNG Loses Nearly Entire Management Team Over Novatek Funding Claims

US$25 billion is the projected value of the Polar Train LNG export project in northern Alaska, a venture that now lacks almost its entire management team. The departures follow allegations that Russia’s Novatek secretly financed and directed the company’s operations before receiving required government permission.

The project launched in March of this year. The plan involved taking a partially built Novatek terminal and relocating it to Alaska. The company sought permission from the US Treasury Department to negotiate with the Russian group, but that approval had not been granted at the time of the leadership exodus.

Joel Riddle, the former chief executive, told the Financial Times that he raised concerns about potential breaches of US sanctions. He stated he believed the funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. Riddle later learned that Gentry Beach was neither a shareholder nor an executive in the venture.

Riddle resigned in September. Chief financial officer Dan Chandra and other executives left shortly after. Riddle said, “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.”

The Financial Times reviewed WhatsApp messages showing Novatek board member Denis Solovyov discussing project financing. Solovyov pressed for a faster transfer of funds to Polar Train LNG. Novatek stated it agreed to let Tech Wave use its technology and signed a memorandum with Polar Train in April. That was before Riddle’s departure.

Polar LNG rejected the allegations. The company said Riddle was dismissed rather than resigned and labeled him a “disgruntled employee.” The firm insisted the project follows US law. Novatek maintained its role was limited to providing technology and a signed memorandum.

Talks between Washington and Moscow reportedly included this project as part of broader business discussions aimed at ending the war in Ukraine. A possible swap involved Novatek offering expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project. The backstory dates to February 2026, when reports first linked Gentry Beach and Novatek to an Alaska gas agreement. By October 9, reports indicated Russia was seeking sanctions relief as part of an “energy ceasefire” negotiation with Ukraine.