Alaska Gas Venture: Management Exodus Over Russian Control Claims

The US$25 billion Polar Train LNG project, set to build a gas export terminal in northern Alaska, is now largely without its top management. According to a report by the Financial Times, nearly the entire executive team has departed. The exodus follows allegations that Russia's Novatek secretly financed the venture and directed its strategy before receiving official US permission.

The dispute centers on funding sources that were not fully disclosed to the company's leadership. The project was launched in March 2026 with a plan to relocate a partially built Novatek terminal to Alaska. While the company sought approval from the US Treasury Department to negotiate with the Russian group, that permission has not yet been granted. Despite this, the former chief executive states that Novatek was already moving money and controlling operations.

Joel Riddle, the former chief executive, resigned in September 2026. He was followed by chief financial officer Dan Chandra and other senior staff. Riddle explained his departure by saying he felt uncomfortable that the Russian company was financing and ultimately controlling the strategic direction of the firm. He initially believed the funds came from Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based company. Riddle later determined that Beach had not actually invested and held no stake or executive role in the project.

The Financial Times reviewed WhatsApp messages between Novatek board member Denis Solovyov and other parties. These messages show Solovyov discussing project financing and urging a faster transfer of funds to Polar Train LNG. The company responded to the report by rejecting the allegations. Polar LNG stated that Riddle had been dismissed and described him as a "disgruntled employee." The firm insisted the project remains in line with US law. Novatek said it signed a memorandum with Polar Train in April, while Riddle was still leading the company, agreeing to let Tech Wave use its technology in Alaska.

The project has gained attention in diplomatic circles. People who spoke to the newspaper indicated that the Alaska gas venture came up in talks between Washington and Moscow. These discussions explored business deals that could help end Russia's war against Ukraine. Reports suggest a possible swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project.

The roots of this controversy trace back to February 2026, when reports emerged that Gentry Beach, a university friend of Donald Trump Jr., had announced an agreement with Novatek regarding the gas project. On 9 October 2026, further reports indicated that Russia was seeking sanctions relief as part of negotiations for a potential "energy ceasefire" with Ukraine. As of the latest update, the project continues to operate without its previous leadership team.