A proposed $25 billion liquefied natural gas venture in Alaska is seeking American investors months after its former chief executive publicly identified a friend of Donald Trump Jr. as a financial backer.
However, that executive now says the investor never contributed capital, while alleging that Russian gas producer Novatek was financing the project.
In March, Joel Riddle told Semafor that Gentry Beach was an investor in Polar LNG, a planned North Slope export terminal. The company was then seeking to fund more than half its initial $8 billion to $9 billion development phase with American capital, Reuters reported.
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Riddle told the Financial Times that he subsequently discovered Beach had not invested and was neither a shareholder, director, nor officer.
Novatek offered a different account, saying Beach had previously been an officer of Polar Eagle LNG, a holding company, but was no longer associated with the venture.
The former executive alleged that Novatek was providing capital to Polar Train LNG, the operating company, and influencing its strategy before necessary US approvals were secured. The FT reported reviewing messages in which Novatek board member Denis Solovyov discussed project financing and sought to accelerate transfers.
Separately, The New York Times reported correspondence discussing up to $15 million for Abu Dhabi-based Tech Wave, including a proposed initial $5 million transfer.
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In a statement, Polar LNG confirmed that TechWave had provided financing and initiated preliminary engineering work involving US contractors. It maintained that its activities comply with American law.
TechWave separately told the FT that Novatek held no ownership interest in TechWave and that project participant Bjørn Gundersen had invested personal and borrowed funds.
Polar LNG confirmed applying to the Treasury Department’s Office of Foreign Assets Control for permission to purchase an unfinished liquefaction structure from Novatek.
The equipment is associated with Russia’s Arctic LNG 2 development, which has faced US blocking sanctions since November 2023.
Novatek confirmed signing an agreement with Polar Train in April and denied that access to its technology was conditional on lifting sanctions against Arctic LNG 2. The Times also reported that Novatek was pursuing a minority ownership stake in Polar LNG.
Meanwhile, Polar LNG appointed Tim Talkington, formerly chief executive of Goldman Sachs Bank Russia, as acting CEO. The company said Riddle was terminated for cause and warned of possible litigation but the FT reported that Riddle submitted his resignation on September 19.
Polar LNG is targeting initial gas deliveries by the end of 2030, contingent on financing, permits, and engineering.
