Russian Energy Giant Secretly Funds Alaska Gas Project
Novatek secretly funded a U.S. energy project on Alaska's North Slope through an Abu Dhabi intermediary, according to allegations from former Polar LNG executives.
Novatek, a Russian energy giant under partial U.S. sanctions, secretly funded a natural gas extraction and export project on Alaska's North Slope. The project, led by U.S. firm Polar LNG, sought to commercialize Arctic gas at Milne Point using Russian technology. Former Polar LNG CEO Joel Riddle and other resigned executives allege that Novatek funneled the financing through Tech Wave Industrial Projects Management, an intermediary based in Abu Dhabi.
Novatek has since confirmed its intention to acquire minority shareholder status in the venture. The energy plan was discussed in broad terms during peace talks between Russian President Vladimir Putin and Trump administration envoys Steve Witkoff and Jared Kushner as part of a broader strategy to improve relations with Moscow and end the war in Ukraine.
Despite the Trump administration's recent temporary waiver of certain Russia sanctions to facilitate these peace talks, the project faces significant regulatory obstacles. The U.S. Treasury Department has raised sanctions concerns, and the venture competes with a larger, administration-supported pipeline project valued at $50 billion.
