A developer of an Alaska liquefied natural gas facility received financing from Russia-based Novatek PJSC, an energy giant subject to US sanctions, the Financial Times reported. Novatek offered funding to Polar Train LNG's venture and directed operations before securing US Treasury approvals, the FT cited former CEO Joel Riddle as saying. Riddle resigned last month, followed by other executives, according to the FT and New York Times.
Riddle is described as a "disgruntled former employee" terminated by Polar LNG, which says development activities comply with US laws. An application for a license to purchase an unfinished gravity-based structure from Novatek was made to the US Treasury's Office of Foreign Assets Control. Tim Talkington, a former Goldman Sachs Bank Russia CEO, has been appointed acting CEO of Polar Train LNG.
Polar LNG aims to begin gas deliveries from Alaska's North Slope by the end of 2030.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing