Alaska LNG Execs Quit Over Novatek Role

The executive team of Polar Train LNG has vacated its positions, leaving the US$25 billion gas export project in northern Alaska without senior leadership. The departures follow a Financial Times report alleging that Russia’s Novatek secretly financed and directed the venture before obtaining required US Treasury Department approval.

Joel Riddle, the former chief executive, resigned in September. He stated that he felt uncomfortable because Novatek was financing and controlling the strategic direction of the company. Riddle said he originally believed funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. He later learned that Beach was neither a shareholder nor an executive.

Following Riddle’s exit, chief financial officer Dan Chandra and other senior managers left the firm. Riddle told the newspaper he raised concerns about potential breaches of US sanctions. The project, launched in March, involves relocating a partially built Novatek terminal to Alaska. The company sought permission to negotiate with Novatek, but the Treasury Department has not yet granted that approval.

The Financial Times reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project. The messages indicated Solovyov pressed for a faster transfer of funds to Polar Train LNG. Riddle’s resignation letter cited Novatek’s role in directing operations before necessary regulatory approvals were in place.

Polar Train LNG rejected the allegations in a statement. The company said Riddle had been dismissed and labeled him a "disgruntled employee." Insiders noted the project has appeared in business talks between Washington and Moscow aimed at ending Russia's war against Ukraine. Discussions reportedly included a swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project.

Novatek stated it agreed to let Tech Wave use its technology in Alaska. The Russian group signed a memorandum with Polar Train in April, while Riddle was still leading the company. In February 2026, reports indicated Gentry Beach had announced an agreement with Novatek. More recently, on October 9, reports said Russia was seeking sanctions relief as part of negotiations for an "energy ceasefire" with Ukraine.