25 Billion Dollar Alaska Gas Project Loses Leadership Over Russia Ties

Polar Train LNG, the developer of a 25 billion dollar gas export terminal in northern Alaska, has seen almost its entire management team depart. The exodus follows allegations that Russia's Novatek secretly financed and directed the project. This development creates a significant obstacle for a major energy initiative intended to boost US exports.

The timeline of the dispute began in March when the project was launched. The plan involved taking a partially built Novatek terminal and relocating it to Alaska. Joel Riddle, the former chief executive, told the Financial Times that he raised concerns about potential breaches of US sanctions. He stated that he originally 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 discovered that Beach was not a shareholder or executive and had not invested in the project.

Riddle claimed that Novatek was funding the venture and directing operations before the required approvals were in place. The company asked the US Treasury Department for permission to negotiate with the Russian group, but approval has not yet been granted. In September, Riddle resigned, and chief financial officer Dan Chandra and other executives left shortly after. 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."

The Financial Times reviewed WhatsApp messages showing that Novatek board member Denis Solovyov discussed financing the project. The messages indicated that Solovyov pressed for a faster transfer of funds to Polar Train LNG. Polar LNG rejected the allegations, stating that Riddle had been dismissed and calling him a disgruntled employee. The company insisted the project was being developed in line with US law.

Novatek responded by saying it had agreed to let Tech Wave use its technology in Alaska. The Russian group noted that it signed a memorandum with Polar Train in April, when Riddle was still leading the company. The Financial Times reported that the project came up in talks between Washington and Moscow. These discussions involved business deals that might help end Russia's war against Ukraine. Reports suggested a possible swap where Novatek would offer expertise for the Alaska terminal in return for lifting sanctions on Russia's Arctic LNG 2 project.

The backstory of these negotiations stretches back to February 2026. Ekonomichna Pravda reported that Gentry Beach, a university friend of Donald Trump Jr, had announced an agreement with Novatek. On October 9, reports indicated that Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine. The situation remains fluid as the US Treasury reviews the application.

Next steps for the project depend on the outcome of the Treasury review and whether the new management can secure the necessary approvals. The departure of key executives raises questions about the stability of the partnership. Stakeholders are watching to see if the deal proceeds as planned or if the Russian involvement becomes a greater hurdle for this ambitious energy venture.