Polar Train LNG Leadership Exits After Novatek Control Claims

Joel Riddle, the former chief executive of Polar Train LNG, has departed the US$25 billion Alaska gas export venture following a dispute over Russian financial involvement. Riddle told the Financial Times that he raised concerns about potential US sanctions violations after discovering that Novatek, a Russian energy company, had already funded the project and directed its operations. The company was launched in March to develop an export terminal in northern Alaska by relocating a partially built Novatek facility.

Riddle resigned in September, prompting the subsequent exit of chief financial officer Dan Chandra and other senior executives. The leadership team had originally believed the project was funded by Gentry Beach, an investor with ties to the Trump family, and Tech Wave, an Abu Dhabi-based firm. Riddle stated that he later learned Gentry Beach was neither a shareholder nor an executive and had not actually invested in the venture. He characterized his departure as a response to his discomfort with Novatek’s strategic control.

“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. The Financial Times reported reviewing WhatsApp messages in which Denis Solovyov, a Novatek board member, discussed financing the project and urged for a faster transfer of funds to Polar Train. The company had requested permission from the US Treasury Department to negotiate with Novatek, but that approval has not yet been granted.

Polar LNG rejected the characterization of Riddle as a resigning leader, stating he was dismissed and referring to him as a