Polar Train LNG Management Resigns Over Novatek Control Dispute

Joel Riddle, the former chief executive of Polar Train LNG, resigned in September after discovering that Russia's Novatek was financing and directing the company's operations. He told the Financial Times that he raised concerns about potential breaches of US sanctions before stepping down. His departure triggered a cascade of exits, leaving almost the entire management team of the US$25 billion gas export project vacant.

Polar Train LNG is developing an export terminal in northern Alaska. The project, which launched in March, involves relocating a partially built Novatek terminal to the site. Riddle said he initially believed funding came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. He later learned that Gentry Beach was neither a shareholder nor an executive of the project.

The former CEO stated that he resigned because he was uncomfortable with Novatek's influence. "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," Riddle said. Following his departure in September, chief financial officer Dan Chandra and other executives also left their positions.

The Financial Times reviewed WhatsApp messages between Novatek board member Denis Solovyov and others. The messages discussed financing the project and included Solovyov pressing for a faster transfer of funds to Polar Train LNG. The company sought permission from the US Treasury Department to negotiate with the Russian group, but that approval has not yet been granted.

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

Sources who spoke to the newspaper said the project emerged from business talks between Washington and Moscow. The discussions reportedly included a possible swap in which Novatek would provide expertise for building the Alaska terminal. In return, sanctions on Russia's Arctic LNG 2 project would be lifted. This follows an October 9 report that Russia was seeking sanctions relief as part of negotiations for an energy ceasefire with Ukraine.

The dispute traces back to February 2026, when reports indicated Gentry Beach had announced an agreement with Novatek for an Alaska gas project. Gentry Beach is a university friend of Donald Trump Jr. The current leadership vacuum leaves the project's future unclear as the company navigates the fallout from the alleged control dispute.