A $25 billion liquefied natural gas (LNG) project in Alaska is facing scrutiny after its former CEO, Joel Riddle, disputed claims about key investors. Riddle initially identified Gentry Beach, a friend of Donald Trump Jr., as a financial backer of Polar LNG. However, he later alleged that Beach never contributed capital and that Russian gas producer Novatek was actually financing the project.
Novatek provided a different account, stating that Beach had previously been an officer of Polar Eagle LNG but was no longer involved. Riddle claimed that Novatek was influencing the project's strategy before securing necessary U.S. approvals. The Financial Times reviewed messages where Novatek board member Denis Solovyov discussed project financing and sought to accelerate transfers.
Polar LNG confirmed that Abu Dhabi-based TechWave had provided financing and initiated preliminary engineering work. The company maintained that its activities comply with U.S. law. TechWave denied any ownership interest by Novatek but acknowledged that project participant Bjørn Gundersen had invested personal and borrowed funds.
Polar LNG is seeking permission from the Treasury Department’s Office of Foreign Assets Control to purchase an unfinished liquefaction structure from Novatek, which is associated with Russia’s Arctic LNG 2 development. Novatek denied that access to its technology was conditional on lifting sanctions against Arctic LNG 2. The project aims to deliver initial gas by the end of 2030, contingent on financing, permits, and engineering.