$25 Billion Polar Gas Project Faces Allegations of Russian Funding and Influence Before Approvals
Key Facts
The Financial Times reported that Joel Riedel, former CEO of Polar Gas, accused Russia’s Novatek of providing financial support to the Polar Train LNG project and exercising influence over its operations before the necessary regulatory approvals were obtained. The project is valued at $25 billion, according to press coverage, while the allegations have placed the source of its funding and dealings with a company subject to U.S. sanctions at the center of scrutiny. These are allegations attributed to Riedel, not facts independently established. The report said he resigned last month amid concerns about sanctions violations, followed by a number of senior executives. The report did not establish that U.S. authorities had opened a formal investigation into the project.
Polar Gas responded to the allegations with a different account of the funding and management. The company said Tech Wave provided the financing and began preliminary engineering work with the involvement of U.S. contractors. It also announced the appointment of Tim Tuckington, head of Polar Eagle LNG, as acting CEO of Polar Train, the project operator. The company described Riedel as a former employee who was dismissed for cause, and said it was investigating his claims and might pursue litigation. It added that its development activities were being conducted in compliance with applicable U.S. laws, a direct denial of the alleged violations.
The company said Tuckington has more than 30 years of experience in investment banking, including more than 17 years at Goldman Sachs. It said he headed Goldman Sachs in Russia until August 2022, a professional record that may draw attention given Novatek’s alleged role, but does not by itself establish any connection between Tuckington and the project’s financing. His appointment as acting CEO follows a leadership change about which the company disclosed no further details in its statement. The report also did not specify the reasons for the other executives’ resignations. The company said its investigation into Riedel’s allegations could result in legal action.
Regarding the project’s relationship with Novatek, the report said the Russian company acknowledged signing a memorandum of understanding with Polar Train in April 2026. Novatek stressed, according to the report, that implementing the project requires approvals from U.S. and Russian authorities. That places the memorandum of understanding in the context of a project whose regulatory steps remain outstanding, but does not by itself establish that Novatek financed the project or exerted influence over it. Polar Gas says Tech Wave provided the financing and that it submitted a separate application to the U.S. Treasury Department’s Office of Foreign Assets Control. The application concerns a proposed license to purchase an incomplete floating structure from Novatek, and the company says the license has not yet been issued.
Polar Gas said its application to the Office of Foreign Assets Control seeks a license permitting the proposed purchase of an incomplete floating structure from Novatek, a private Russian company. The application distinguishes a license request for a specific transaction from the broader allegation reported by the Financial Times concerning funding and influence before approvals were completed. The company did not say in its statement that the license had been granted, nor did it specify when a decision would be made. The report said the U.S. Treasury Department declined to comment on specific allegations of sanctions violations. But it said, according to the Financial Times, that it takes potential violations seriously, without publicly ruling on these allegations.
Polar Gas expects to begin delivering gas by the end of 2030, but the company tied that timetable to obtaining permits and financing and completing engineering and other development requirements. This means the announced schedule depends on completing steps that remain outstanding, including the license application related to the floating structure. Funding remains disputed between Riedel’s account, as reported by the Financial Times, and the company’s account, which attributes the financing to Tech Wave. The available material does not independently resolve this dispute, nor does it establish that the executives resigned because of Riedel’s allegations. Tuckington’s appointment comes in this context as the company says it continues preliminary engineering work.
Polar Gas and Polar Train should not be confused with the Alaska LNG project being developed by Glenfarne; they are separate projects. The Alaska Department of Natural Resources’ page describes the latter project as including a 42-inch buried pipeline to transport gas from the processing facility near Deadhorse to the liquefaction facility near Nikiski. These specifications apply to the Alaska LNG project and establish nothing about the route or design of Polar’s project. The state says conditional right-of-way leases for the project being developed by Glenfarne must be converted before construction begins on state land. On October 23, 2026, the state published a notice of analysis, proposed decision and hearings concerning the conversion of those leases; these proceedings relate solely to Glenfarne’s project.