Alaska LNG Chiefs Quit After Novatek Secretly Funded Project

The management team of Polar Train LNG has nearly fully departed following allegations that Russia's Novatek secretly financed and directed the $25 billion gas export project in northern Alaska. Joel Riddle, the company's former chief executive, stated that he resigned in September due to discomfort over Novatek's role in controlling the strategic direction of the venture. He was joined by chief financial officer Dan Chandra and other senior executives in leaving the organization.

Riddle told the Financial Times that he discovered Novatek was funding the project and directing its operations before the US Treasury Department granted permission for the company to negotiate with the Russian group. The approval for those negotiations remains pending. The project, launched in March 2026, plans to relocate a partially built Novatek terminal to Alaska for an export terminal.

Riddle initially believed the project's capital came from Gentry Beach, an investor with ties to Donald Trump's 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 showing Denis Solovyov, a Novatek board member, discussing financing details and urging a faster transfer of funds to Polar Train LNG.

Polar LNG rejected the claims, stating that Riddle was dismissed rather than resigning. The company labeled him a disgruntled employee and maintained that the project adheres to US law. Novatek responded that it had signed a memorandum with Polar Train in April 2026, when Riddle was still leading the company, to allow Tech Wave to use its technology in Alaska.

Sources familiar with the matter indicated that the project featured in recent business discussions between Washington and Moscow regarding deals that could help end Russia's war against Ukraine. Reports suggest a potential arrangement where Novatek would provide expertise for the Alaska terminal in exchange for sanctions relief on its Arctic LNG 2 project.

The dispute follows earlier reports in February 2026 that Gentry Beach had agreed to a gas project with Novatek. On October 9, 2026, reports emerged that Russia was seeking sanctions relief as part of negotiations for an energy ceasefire with Ukraine.