Alleged Russian Funding Prompts Executive Exodus at U.S. LNG Firm
The top executives of U.S. energy startup Polar LNG have all resigned in recent weeks, just six months after the company was launched, amid a controversy over alleged funding and control of the venture’s strategy by Russia’s biggest LNG developer and exporter, privately-held Novatek. The senior managers who left Polar LNG say they resigned in September after learning earlier during the month that…
Top executives of U.S. energy startup Polar LNG abruptly resigned in September, just six months after the company was launched, amid allegations that Russia's largest LNG developer, Novatek, was funding and controlling the venture's strategy without approval from U.S. authorities. Polar LNG, which aims to build a gas liquefaction project on Alaska's North Slope, claims it is not competing with the proposed Alaska LNG pipeline.
The company plans to purchase an unfinished gravity-based structure (GBS) from Novatek. Former Polar LNG CEO Joel Riddle resigned, stating that he felt uncomfortable with Novatek's control over the company. Other former executives also expressed concerns about Novatek's influence. Polar LNG is currently seeking authorization from the U.S. Treasury's Office of Foreign Assets Control (OFAC) to purchase the Novatek GBS, but this authorization has not been granted.
The alleged Russian funding and potential sanctions threat could jeopardize the project, which targets beginning natural gas deliveries by the end of 2030.
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