Novatek secretly financed Polar LNG project, ex-CEO Joel Riddle says
The announcement follows complex developments surrounding energy technology transfers and international negotiations involving American and Russian corporate entities in Alaska.
Secret Financing Behind Alaska Gas Negotiations
An American energy company intends to acquire Russian technology to access an enormous natural gas reserve in Alaska, liquefy it, and export the output to allied countries abroad. The New York Times reported that the multibillion-dollar project received hidden financing from Novatek, the powerful Russian energy enterprise originally slated to supply the technology. Joel Riddle, who served as chief executive of the American venture Polar LNG until his resignation in September, stated that he was misled regarding the source of the initial capital, which was ostensibly routed through a company in the United Arab Emirates.
Not only is it illegal, but it is not even in the interest of the United States that Russian technology controls the commercialization of Arctic gas on the North Slope,
Riddle declared.
Corporate Leadership Resigns Over Sanctioned Funding
The 25-billion-dollar Polar LNG initiative launched in March with the objective of reusing a partially built Novatek gas terminal for installation in Alaska. The enterprise applied to the United States Department of the Treasury’s sanctions authorities for authorization to negotiate with the Russian group, though approval was never granted. Riddle discovered that Novatek was already financing the initiative and directing operations before any permits cleared. Consequently, Riddle resigned in September alongside nearly the entire executive team, including Chief Financial Officer Dan Chandra, Executive Jim Smith, and Head of Operations Jody Trantham, according to reporting by the Financial Times.
Diplomatic Discussions at the White House
Russian President Vladimir Putin discussed the energy plan last month with peace envoys of President Trump, Steve Witkoff and Jared Kushner. White House officials maintained that the arrangement forms part of a broader series of energy agreements designed to ease tensions with Moscow and clear a pathway toward ending the war in Ukraine. Despite these diplomatic discussions, Polar LNG operated without the required federal clearance, prompting the executive exodus that exposed the covert funding channels.
SANCTIONED MONEY, ALASKAN GASRussia’s sanctioned Arctic gas producer Novatek is financing Polar LNG in Alaska. The plant under construction at Prudhoe Bay is also set to liquefy gas using Novatek technology. Sanctions stalled Novatek’s own projects. Yet its money and expertise… pic.twitter.com/WFFLv4u95o
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