Alaska Gas Venture Loses Management Team Over Russian Ties

The leadership of a major Alaskan energy venture has collapsed.

Polar Train LNG, a planned US$25 billion gas export facility in northern Alaska, has lost nearly its entire management team. The departures follow a Financial Times report alleging that Russia’s Novatek secretly financed and directed the project. The company is developing an export terminal by relocating a partially built Novatek facility to Alaska. The project launched in March 2026, but the required Treasury Department approval to negotiate with the Russian group has not yet been granted.

Joel Riddle, the former chief executive, resigned in September. He stated that he felt uncomfortable because Novatek was financing the venture and controlling its strategic direction before legal clearances were in place. Riddle said, "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." Following his exit, chief financial officer Dan Chandra and other executives also left their positions.

Riddle 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. 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 in which Novatek board member Denis Solovyov discussed financing and pushed for faster fund transfers to Polar Train LNG.

Polar LNG rejected the allegations, stating that Riddle was dismissed and describing him as a "disgruntled employee." The company insisted the project aligns with US law. Novatek 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.

Sources told the newspaper that the project featured in Washington and Moscow talks regarding business deals to end the war in Ukraine. The 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. In February 2026, reports first noted that Gentry Beach had announced an agreement with Novatek. On October 9, reports indicated Russia was seeking sanctions relief as part of energy ceasefire negotiations with Ukraine.