Executive Exodus Hits Polar LNG Over Novatek Funding

The top executives of U.S. energy startup Polar LNG have resigned in recent weeks, just six months after the company's launch, amid a controversy over alleged funding and control by Russia’s largest liquefied natural gas developer and exporter, privately-held Novatek. According to OilPrice, senior managers stated they resigned in September after learning that Novatek was at least partly funding the U.S. venture, which aims to build a project on Alaska’s North Slope.

Polar LNG was established in March 2026 to expand U.S. LNG exports to Asia by utilizing a modular gravity-based structure to process and liquefy gas directly at the source. The startup applied to the U.S. Treasury’s Office of Foreign Assets Control for authorization to purchase an unfinished gravity-based structure from Novatek, though U.S. authorization has not been granted.

Sanctions and Control Concerns

Former CEO Joel Riddle stated he resigned because he felt uncomfortable that Novatek was financing and ultimately controlling the strategic direction of the company without proper U.S. regulatory approvals. Two former executives told The Wall Street Journal that leadership shared concerns with the administration in early September.

Polar LNG denied wrongdoing and disputed Riddle's account, stating he was terminated for cause and that the company is investigating claims that may result in litigation. The startup asserted that its development activities comply with applicable U.S. laws and noted that Abu Dhabi-based TechWave provided financing for preliminary engineering work.

Key facts

• Polar LNG senior executives resigned in September 2026 after discovering Novatek was funding and influencing the venture.
• The startup applied to the U.S. Treasury's Office of Foreign Assets Control to buy an unfinished gravity-based structure from Novatek.
• Former CEO Joel Riddle stated he stepped down over concerns regarding unapproved Russian financing and strategic control.
• Polar LNG stated it terminated Riddle for cause and is investigating claims that may lead to litigation.