Former Polar LNG CEO says Russian firm secretly funded Alaska gas project

A New York Times report states that Russian energy giant Novatek secretly funded the Polar LNG project, a proposed venture to ship natural gas from Alaska’s North Slope to Asian markets via tankers. The report, published on Monday, identifies a financial link between the American company and the Russian firm, which is subject to partial sanctions due to the war in Ukraine.

Joel Riddle, the chief executive of Polar LNG, resigned in September. In interviews with the Times, Riddle said he was misled regarding the source of the project’s funding. He indicated that Novatek provided at least some of the capital for the development, a fact that was not disclosed to key stakeholders.

The funding moved through TechWave, a company based in Abu Dhabi, United Arab Emirates. TechWave acted as an intermediary between Novatek and Polar LNG. The chief operating officer of TechWave had previously worked at Novatek for an extended period. Documents reviewed by the Times, along with interviews of involved parties, showed that TechWave maintained ties to the Russian company while owning and financing Polar LNG.

Polar LNG is designed to compete with the Alaska LNG project, which focuses on pipeline infrastructure. The Polar LNG plan involves using a gravity-based structure, a 640,000-ton concrete and steel device. Novatek manufactures this equipment. The structure would be placed on the seabed off the Alaskan coast, serving as a platform to refrigerate gas for direct loading onto ships.

Anton Troianovski, a global affairs correspondent for the New York Times, explained that the project fits into a wider strategy. The Trump administration has engaged with Russian President Vladimir Putin and senior officials to explore economic cooperation as part of efforts to end the war in Ukraine. Russia has pushed for business deals, particularly in the energy sector, as part of these negotiations.

Troianovski noted that the administration has engaged with the proposal to bring Novatek’s LNG technology to the North Slope. The revelation of hidden funding adds a layer of complexity to this geopolitical arrangement. The project is not merely a commercial endeavor but is tied to diplomatic discussions between Washington and Moscow.

Critics of the arrangement question whether a Russian role in a strategically valuable U.S. energy asset is in the best interests of the country. Riddle and other sources told the Times that the funding structure raised legal questions regarding sanctions and strategic interests. They argued that having Russia play a central role in North Slope LNG development complicates the U.S. position.

The Trump administration has taken a distinct approach to Russia compared to prior administrations. Chief negotiators Jared Kushner and Steve Witkoff have treated Russia as a potential partner that can improve conditions for Americans. This view contrasts with the traditional stance in Washington, where Russia is often seen as an adversary. The Polar LNG funding story illustrates the tension between these two perspectives.

Polar LNG has argued that the project serves U.S. interests. The company maintains that utilizing the technology and capital available will help move the gas to market. The debate centers on how much influence Novatek holds and how that aligns with American economic and strategic goals. The project remains in the planning stages, with the financial and technical details now under public scrutiny.