Alaska's $25 Billion Gas Terminal Left Leaderless After Novatek Dispute

Polar Train LNG, the developer of a US$25 billion gas export facility in northern Alaska, has lost nearly its entire management team.

The exodus occurred after former chief executive Joel Riddle alleged that Russia's Novatek financed and directed the project without proper authorization. Riddle resigned in September, triggering the departure of chief financial officer Dan Chandra and other senior staff. The project, launched in March, involves relocating a partially built terminal from Novatek's operations to Alaskan shores.

Riddle stated that the company requested permission from the US Treasury Department to negotiate with Novatek, but approval had not been granted when operations began. He claimed to have discovered that Novatek was already providing capital and steering the company's strategic direction. Riddle initially believed the funding originated from Gentry Beach, an investor with ties to Donald Trump's family, and Tech Wave, an Abu Dhabi-based firm. He later determined that Beach had not invested in the venture and held no shareholder or executive status.

"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.

Documents reviewed by the Financial Times, including WhatsApp messages, showed Novatek board member Denis Solovyov discussing the financing structure. Solovyov pressed for a faster transfer of funds to the Alaska-based entity. Polar Train LNG rejected the characterization of Riddle's departure, labeling him a "disgruntled employee" who had been dismissed. The company maintained that the project adheres to US law.

Novatek countered that it signed a memorandum with Polar Train in April, during Riddle's tenure. The Russian group stated it agreed to allow Tech Wave to use its technology in Alaska. Officials familiar with the matter indicated that the project emerged from business discussions between Washington and Moscow. These talks explored a potential swap in which Novatek would provide terminal construction expertise in exchange for the lifting of sanctions on Russia's Arctic LNG 2 project.

The dispute follows earlier reports in February 2026 that Gentry Beach, a friend of Donald Trump Jr., had agreed to a gas partnership with Novatek. Recent reports from October 9 indicated that Russia was seeking sanctions relief as part of negotiations for an "energy ceasefire" with Ukraine.