Alaska LNG Leadership: Management Departs Over Novatek Control

The management team of Polar Train LNG, a US$25 billion gas export initiative in northern Alaska, has largely vacated its positions following allegations that Russia's Novatek exercised unauthorized control over the venture. The departures were confirmed in a report by the Financial Times, which detailed internal disputes over the project's financial structure and governance.

Joel Riddle, the project's former chief executive, stated that he raised concerns regarding potential violations of US sanctions. He resigned in September, citing his discomfort with Novatek financing the company and directing its strategic direction. Following his departure, Chief Financial Officer Dan Chandra and other senior executives also left the organization.

Riddle initially believed that funding for the project originated from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. He later determined that Beach was neither a shareholder nor an executive in the venture. The company sought permission from the US Treasury Department to negotiate with Novatek, but that approval has not yet been granted.

Documents reviewed by the Financial Times include WhatsApp messages between Novatek board member Denis Solovyov and project officials. In these messages, Solovyov discussed financing arrangements and urged for a faster transfer of funds to Polar Train LNG. The project, launched in March, plans to relocate a partially built Novatek terminal to an Alaskan export site.

Polar Train LNG disputed Riddle's account, stating that he was dismissed rather than resigning. The company labeled him a disgruntled employee and maintained that the project is being developed in compliance with US law. Novatek responded by saying it agreed to let Tech Wave use its technology in Alaska and noted that a memorandum was signed with Polar Train in April while Riddle was still in charge.

Sources familiar with the matter indicated that the project was discussed in business talks between Washington and Moscow. These conversations explored potential deals to aid in ending Russia's war against Ukraine, including a swap where Novatek's expertise would build the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project.

The timeline of the dispute begins in February 2026, when reports first linked Gentry Beach to a Novatek agreement in Alaska. By October 9, further reports emerged suggesting Russia was seeking sanctions relief as part of energy ceasefire negotiations with Ukraine.