Polar Train LNG Loses Leadership Team Over Novatek Control Dispute

The management team of Polar Train LNG has effectively vacated its posts, leaving the $25 billion Alaska gas export project without key leadership. The exodus follows allegations that Russia’s Novatek secretly financed and directed the venture before obtaining necessary sanctions waivers from the US government.

The project, which launched in March, involves relocating a partially built Novatek terminal to northern Alaska. The company sought permission from the US Treasury Department to negotiate with the Russian group, but that approval has not yet been granted. Despite the lack of final clearance, former chief executive Joel Riddle stated that Novatek was already funding operations and setting strategic direction.

Riddle resigned in September, prompting CFO Dan Chandra and other executives to follow. "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," Riddle said. He initially believed the funding came from Gentry Beach, an investor with ties to Donald Trump’s family, and Tech Wave, an Abu Dhabi-based company. Riddle later learned that Beach was neither a shareholder nor an executive in the project.

Novatek rejected the narrative of hidden control. The company said it agreed to let Tech Wave use its technology in Alaska and signed a memorandum with Polar Train in April while Riddle was still in charge. Polar Train labeled Riddle a "disgruntled employee" and insisted the project complies with US law. The company noted that Riddle had been dismissed rather than having resigned voluntarily.

The dispute has emerged amid talks between Washington and Moscow regarding business deals that could help end Russia’s war against Ukraine. Reports indicate the discussions included a possible swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on its Arctic LNG 2 project. These negotiations follow earlier reports from February 2026 that Gentry Beach had announced an agreement with Novatek on the Alaskan gas venture.

The Financial Times reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project and pushed for faster fund transfers to Polar Train LNG. The company remains in a state of uncertainty as it navigates the gap between its public stance and the private communications of its partners.