Polar Train LNG Loses Top Leaders Over Novatek Financing Questions

The leadership of Polar Train LNG has largely vanished this month.

Joel Riddle, the company's former chief executive, resigned in September. He left after determining that Russia's Novatek was funding and directing the $25 billion gas export project before US regulators approved the arrangement. Chief financial officer Dan Chandra and other senior executives have since departed the firm.

Riddle told the Financial Times that he initially believed capital came from Gentry Beach and Tech Wave. He later learned that Beach was not a shareholder or executive. Novatek board member Denis Solovyov discussed financing plans and pressed for faster fund transfers in reviewed WhatsApp messages.

The company rejected the narrative of a quiet exit. Polar Train LNG stated that Riddle was dismissed. The firm called him a disgruntled employee and maintained that the project follows US law. Novatek countered that it signed a memorandum in April while Riddle was still in charge, granting Tech Wave permission to use its technology in Alaska.

The project involves moving a partially built Novatek terminal to northern Alaska. It launched in March. The company requested Treasury Department permission to negotiate with the Russian group, but approval has not yet been granted. Riddle argued that Novatek breached US sanctions by controlling operations before that approval arrived.

Business talks between Washington and Moscow reportedly included this venture. Discussions explored a potential swap where Novatek would provide expertise for the Alaska terminal in exchange for lifting sanctions on Russia's Arctic LNG 2 project. In February, reports linked Gentry Beach, a friend of Donald Trump Jr, to an early agreement with Novatek. More recently, Russia sought sanctions relief as part of energy ceasefire negotiations with Ukraine.