Polar Train LNG Executives Resign Citing Novatek Control

The top management team of Polar Train LNG has departed, leaving the US$25 billion gas export project in northern Alaska without executive leadership. The exodus followed internal disputes over the role of Russia’s Novatek in the venture’s financing and daily operations.

Former chief executive Joel Riddle resigned in September. He stated that Novatek was funding the company and directing its strategic direction before the necessary US sanctions approvals were granted. Riddle raised these concerns with the board, citing potential breaches of US sanctions rules. Following his departure, chief financial officer Dan Chandra and other senior executives also left their posts.

Riddle told the Financial Times he initially believed the project’s funding came from Gentry Beach and Tech Wave, a firm based in Abu Dhabi. He later determined that Gentry Beach was not a shareholder or an executive of the company. The project, launched in March, involves relocating a partially built Novatek terminal to Alaska.

The Financial Times reviewed WhatsApp messages showing Novatek board member Denis Solovyov discussing financing and urging a faster transfer of funds to Polar Train LNG. Polar LNG rejected the allegations, stating that Riddle was dismissed rather than resigning. The company described him as a disgruntled employee and maintained that the project complies with US law.

Novatek responded by saying it had agreed in April to allow Tech Wave to use its technology in Alaska. The company noted that this memorandum was signed while Riddle still led the project. According to people who spoke to the newspaper, the Alaska project has been discussed in Washington and Moscow as part of business deals aimed at ending the war in Ukraine.

Reportedly, these discussions included a possible swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia’s Arctic LNG 2 project. In February, reports indicated that Gentry Beach, a friend of Donald Trump Jr, had announced an agreement with Novatek on the gas project. On October 9, additional reports emerged that Russia was seeking sanctions relief as part of negotiations for an energy ceasefire with Ukraine.