Polar Train LNG Loses Management Team Over Novatek Funding Dispute

The $25 billion Polar Train LNG gas export project for northern Alaska has lost nearly its entire management team. A Financial Times report details allegations that Russia's Novatek secretly financed and directed the company before receiving required US sanctions approvals.

Joel Riddle, the project's former chief executive, raised concerns about potential breaches of US sanctions. He resigned in September, triggering departures by other leaders including chief financial officer Dan Chandra. Riddle stated that he felt uncomfortable because Novatek was financing the venture and controlling its strategic direction.

Riddle initially believed funding came from Gentry Beach, an investor with ties to Donald Trump's family, and Tech Wave, an Abu Dhabi-based company. He later determined that Beach had not invested in the project and held no role as a shareholder or executive. The company had applied to the US Treasury Department for permission to negotiate with Novatek, but that approval has not yet been granted.

The Financial Times reviewed WhatsApp messages showing Novatek board member Denis Solovyov discussing the financing and pushing for faster fund transfers to Polar Train LNG. The project, launched in March, involves relocating a partially built Novatek terminal to the Alaskan north.

Polar Train LNG rejected the claims, stating that Riddle was dismissed rather than resigning. The company labeled him a "disgruntled employee" and maintained that the project aligns with US law. Novatek countered that it signed a memorandum with Polar Train in April, agreeing to allow Tech Wave to use its technology in Alaska.

Individuals speaking to the newspaper indicated the project featured in business discussions between Washington and Moscow. These talks explored a potential swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project. Such negotiations occurred alongside broader talks on an "energy ceasefire" with Ukraine.

The dispute follows earlier reports from February 2026 that Gentry Beach, a university friend of Donald Trump Jr, announced an agreement with Novatek. On October 9, reports indicated Russia was seeking sanctions relief as part of energy negotiations with Ukraine.