Alaska Gas Project Leadership Departs

The management team of Polar Train LNG has effectively dissolved. This US$25 billion gas export project in northern Alaska lost its top executives after allegations surfaced that Russia's Novatek secretly financed and directed the venture.

Joel Riddle, the former chief executive, told the Financial Times that he raised concerns about possible breaches of US sanctions. Riddle resigned in September. Chief Financial Officer Dan Chandra and other senior executives followed him out of the company.

Riddle stated he felt uncomfortable because Novatek was financing the project and controlling its strategic direction before required approvals were in place. He originally believed the money came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, a firm based in Abu Dhabi. Riddle later learned that Gentry Beach was neither a shareholder nor an executive of the project.

The Financial Times reviewed WhatsApp messages in which Novatek board member Denis Solovyov discussed financing the project. Solovyov pressed for a faster transfer of funds to Polar Train LNG. Polar Train is developing an export terminal in the Alaskan north. The project launched in March and involves relocating a partially built Novatek terminal to the state.

Polar Train rejected the allegations. The company said Riddle had been dismissed and called him a disgruntled employee. It insisted the project is being developed in line with US law. Novatek said it agreed to let Tech Wave use its technology in Alaska. The companies signed a memorandum in April while Riddle was still leading the company.

The company asked the US Treasury Department for permission to negotiate with Novatek. Approval has not yet been granted. People who spoke to the newspaper said the project came up in talks between Washington and Moscow. These business deals might help end Russia's war against Ukraine. The discussions reportedly included a swap where Novatek offered expertise for the Alaska terminal in return for sanctions relief on Russia's Arctic LNG 2 project.

In February 2026, reports said Gentry Beach, a university friend of Donald Trump Jr, had announced an agreement with Novatek on the gas project. On October 9, reports indicated Russia was seeking sanctions relief as part of negotiations over a possible energy ceasefire with Ukraine.