Alaska LNG Bosses Leave After Russian Funding Claims

The management team for a major energy venture in the Alaskan north has largely dissolved following a dispute over Russian financial involvement. The exodus centers on Polar Train LNG, a US$25 billion project designed to export gas from northern Alaska.

Joel Riddle, who served as chief executive, stepped down in September. He stated that he felt uncomfortable because Novatek, a Russian company, was financing the venture and directing its strategic direction. Riddle noted that he discovered Novatek was funding operations before the company received necessary approvals from US authorities.

Following Riddle's exit, Dan Chandra, the chief financial officer, and other senior executives left the firm. Riddle originally believed the project was funded by Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. He later learned that Beach had not invested and held no executive role in the company.

The Financial Times reported that Polar Train LNG asked the US Treasury Department for permission to negotiate with Novatek, but approval has not yet been granted. The newspaper also reviewed WhatsApp messages where Denis Solovyov, a Novatek board member, discussed financing details and pushed for quicker fund transfers to the project.

Polar Train LNG rejected the claims, stating that Riddle was dismissed rather than resigning. The company labeled him a disgruntled employee and maintained that the project follows US law. Novatek responded by saying it signed a memorandum with Polar Train in April when Riddle was still leading the company.

The dispute arises against a backdrop of ongoing diplomatic talks between Washington and Moscow. Sources indicated that the Alaska project was discussed as part of potential business deals to help end Russia's war against Ukraine. Negotiators reportedly explored a swap where Novatek would provide expertise for the terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project.

The timeline of these developments includes earlier reports from February 2026 that Gentry Beach had agreed to a gas project with Novatek. Recent discussions in October focused on an energy ceasefire, with Russia seeking sanctions relief as part of broader negotiations with Ukraine.