FT: The US Alaska gas project executives resign amid suspicions it was secretly run by Russiaʼs “Novatek”

The executives of the American company “Polar Train LNG” resigned en masse after its former CEO suspected that the Russian gas company “Novatek” was secretly financing and effectively controlling the $25 billion project.

This is reported by the Financial Times (FT), citing sources.

“Polar Train LNG” plans to build a liquefied natural gas export terminal in Alaska. The project is part of the Donald Trump administrationʼs plans to increase US energy supplies to Asia and strengthen its position in global energy markets.

The company was launched in March 2026. It wanted to use equipment and technology from the unfinished Russian gas terminal “Novatek” for the project. To negotiate with the Russian company “Polar Train LNG”, it applied for permission from the US Treasury Department, since “Novatek” is under US sanctions. However, the company has not yet received such permission.

Former “Polar Train LNG” CEO Joel Riddle told FT that he later learned that “Novatek” had already funded the project and was influencing its work. As a result, he resigned in September. Almost all of the company’s top managers, including the CFO and executive vice president, followed suit.

Riddle says he initially believed the money was being invested in the project by American investor Gentry Beach, who has ties to the Trump family, and Abu Dhabi-based Tech Wave. However, he says it later emerged that Beach was not an investor and that the funding came from “Novatek”.

FT also reviewed “WhatsApp” correspondence, in which one of “Novatek” top managers Denis Solovyov discussed financing for “Polar Train LNG” and tried to speed up the transfer of money.

“Polar Train LNG” denies the allegations. They called Riddle a “disgruntled employee” and said that all work is being carried out in accordance with US laws. Novatek also denies that it controls the American project.

The White House stated that the project was only briefly discussed with the administration and that there were no detailed negotiations regarding it.

According to FT, the US and Russia have previously discussed an option in which “Novatek” would help build a gas terminal in Alaska, and Washington in return could ease sanctions against the Russian “Arctic LNG 2” project. “Novatek” claims that cooperation in Alaska is not related to the lifting of sanctions.

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