Sri Lanka Guardian reports:

Senior executives have resigned from a $25 billion US liquefied natural gas venture after its former chief executive alleged that Russian energy group Novatek was secretly financing the project and controlling its strategic direction without the necessary US authorisation, according to a report by the Financial Times (FT).

Polar Train LNG is developing a gas export terminal on Alaska’s North Slope as part of efforts to expand US energy exports to Asia. The project has also featured in high-level discussions between Washington and Moscow over potential commercial arrangements linked to efforts to end Russia’s war in Ukraine, people familiar with the negotiations told the FT.

Joel Riddle, an American former ExxonMobil engineer recruited to lead the company, told the newspaper that he discovered Novatek was providing funding and directing the venture before US authorities had approved negotiations with the Russian group. He resigned in September, followed by almost the entire executive leadership team, including chief financial officer Dan Chandra, executive vice-president Jim Smith and executive manager Jody Trantham.

Riddle said he had initially understood that the project was being financed by investor Gentry Beach and Abu Dhabi-based Tech Wave Industrial Projects Management. Beach has links to Donald Trump’s family, while the company is led by Norwegian businessmen Rajeev Lehar and Bjørn Gundersen, who previously worked for Novatek.

As the project developed and financing requirements increased, Riddle said he learned that Beach had not invested in the venture and was not a shareholder, officer or director. He subsequently became aware that Novatek was supplying the capital. [Continue reading…]