U.S. Executives Quit $25 Billion Alaska Gas Venture as Ex-CEO Alleges Secret Russian Funding and Control
LONDON — The $25 billion Alaska liquefied natural gas venture Polar Train LNG, now called Polar LNG, is in turmoil after several U.S. executives quit over claims that Russian gas giant Novatek secretly financed and controlled the project without U.S. approval, the Financial Times reported on October 24. Former chief executive Joel Riddle told the newspaper he discovered Novatek was already financing the venture and directing operations before the company had obtained permission from U.S. Treasury sanctions authorities to negotiate with the Russian group. Riddle resigned in September, followed by chief financial officer Dan Chandra, executive vice-president Jim Smith, execution manager Jody Trantham and other senior executives.
Riddle said he initially believed the project was funded by investor Gentry Beach and Abu Dhabi-based Tech Wave Industrial Projects Management, but later concluded Novatek was providing the capital and ultimately controlling the company's strategic direction. Polar LNG rejected the claims, calling Riddle a "disgruntled employee" who was terminated for cause; the company said Tech Wave had provided financing and started preliminary engineering work involving U.S. contractors, that the project was seeking American investors and implementation partners, and that development activities complied with U.S. law. Novatek said it had granted Tech Wave the right to use its technology in Alaska and signed a memorandum of understanding with Polar Train in April, when Riddle was chief executive; the Russian group said any large-scale project would require approvals from both U.S. and Russian authorities, and denied that access to its technology depended on sanctions relief for Arctic LNG 2.
A statement on Polar LNG's website also says the company has applied to the U.S. Treasury's Office of Foreign Assets Control for a licence to buy an unfinished gravity-based structure from Novatek, that summer fieldwork has been completed, and that the project targets first gas deliveries by the end of 2030, subject to permits, financing, engineering and other requirements. The project is on Alaska's North Slope, where an Arctic location could shorten shipping routes to Asian markets. The financing and control claims are allegations made by the former executives to the media and have not been confirmed by U.S. authorities; both the company and Novatek deny wrongdoing.
(GSM, from the Financial Times via Traders Union and Polar LNG's official statement)
Source: GSM · USA (original Chinese edition)
Photo: 图：阿拉斯加输油管道，资料图。照片：Luca Galuzzi，CC BY-SA 2.5，经Wikimedia Commons。 / The Trans-Alaska Pipeline (file photo). Photo: Luca Galuzzi, CC BY-SA 2.5, via Wikimedia Commons.
