Alaska Gas Venture Leadership Exits Over Novatek Funding Claims

The management team of Polar Train LNG, the US$25 billion gas export project located in northern Alaska, has largely departed. This exodus follows allegations that Russia’s Novatek secretly financed and controlled the venture. A report by the Financial Times details the conflict, which has left the project without its top executives.

Joel Riddle, the former chief executive, stated that he raised concerns regarding potential breaches of US sanctions. Riddle resigned in September. Following his departure, chief financial officer Dan Chandra and other senior leaders left the company. Riddle told the newspaper he felt uncomfortable because Novatek was financing the venture and directing its strategic direction before required approvals were in place.

The project was launched in March 2026. It involves taking a partially built Novatek terminal and relocating it to Alaska. Polar Train LNG requested permission from the US Treasury Department to negotiate with the Russian group. As of now, that approval has not been granted.

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 learned that Beach had not invested in the project and held no role as a shareholder or executive. The Financial Times reviewed WhatsApp messages showing Novatek board member Denis Solovyov discussing financing and pressing for faster fund transfers to Polar Train LNG.

Polar Train LNG rejected the allegations. The company stated that Riddle was dismissed and described him as a disgruntled employee. It insisted the project is being developed in compliance with US law. Novatek countered that it agreed to let Tech Wave use its technology in Alaska. The companies signed a memorandum in April, while Riddle was still leading the firm.

Sources familiar with the matter said the project surfaced in talks between Washington and Moscow regarding business deals that could help end Russia’s war against Ukraine. These discussions reportedly included a potential swap. Novatek would offer its expertise for building the Alaska terminal, and in return, sanctions on Russia’s Arctic LNG 2 project would be lifted.

The dispute builds on earlier reports. In February 2026, Ekonomichna Pravda cited The New York Times in reporting that Gentry Beach, a university friend of Donald Trump Jr, had announced an agreement with Novatek on the Alaska gas project. On October 9, reports indicated Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.