US$25 Billion Alaska Gas Project Left Without Leadership After Novatek Control Dispute

The management team for Polar Train LNG has effectively dissolved following a dispute over the role of Russia’s Novatek in the company’s financing. A report by the Financial Times states that nearly all executives have left the US$25 billion gas export venture planned for northern Alaska. The departures followed allegations that the Russian firm secretly financed and controlled the project before receiving necessary US government permissions.

The project was launched in March with the goal of developing an export terminal in the Alaskan north. The plan involves taking a partially built terminal from Novatek and relocating it to Alaska. Polar Train LNG requested permission from the US Treasury Department to negotiate with the Russian group. That approval has not yet been granted, yet the former chief executive, Joel Riddle, said Novatek was already funding the venture and directing its operations.

Riddle resigned in September, and chief financial officer Dan Chandra and other executives departed afterward. Riddle told the Financial Times he felt uncomfortable that Novatek was financing and ultimately controlling the strategic direction of the company. He initially believed the funding came from Gentry Beach, an investor with ties to Donald Trump’s family, and Tech Wave, a company based in Abu Dhabi. Riddle later learned that Beach had not invested in the project and held no position as a shareholder or executive.

The Financial Times reviewed WhatsApp messages in which Denis Solovyov, a Novatek board member, discussed financing the project. The messages showed Solovyov pressing for a faster transfer of funds to Polar Train LNG. Polar LNG rejected the allegations, stating that Riddle had been dismissed rather than resigning. The company called him a "disgruntled employee" and insisted the project was being developed in line with US law.

Novatek responded by saying it had agreed to let Tech Wave use its technology in Alaska. The Russian firm noted it had signed a memorandum with Polar Train in April, when Riddle was still leading the company. People who spoke to the newspaper said the project had come up in talks between Washington and Moscow on business deals that might help end Russia's war against Ukraine. The discussions reportedly included a possible swap in which Novatek would offer its expertise for building the Alaska terminal in return for sanctions relief on Russia's Arctic LNG 2 project.

The dispute follows earlier reports in February 2026 that Gentry Beach, a university friend of Donald Trump Jr., had announced an agreement with Novatek on the Alaska gas project. On October 9, reports indicated Russia was seeking sanctions relief as part of negotiations over a possible "energy ceasefire" with Ukraine.