EventAll senior leaders of Polar LNG resigned in September after discovering that Russia’s state‑owned Novatek was funding the company and directing its strategy. The U.S. start‑up has applied to the Treasury’s Office of Foreign Assets Control for a licence to purchase an unfinished modular gravity‑based structure from Novatek, but the licence has not been granted. The move comes amid U.S. concerns about violating sanctions on Russia.
Executives at Polar LNG resigned after learning that Russia’s Novatek was funding and directing the company, raising concerns about potential U.S. sanctions violations and delays in securing OFAC approval for the North Slope LNG project.
Russia may seek sanctions relief by providing financing and technology for the Alaska Arctic LNG project.
U.S. Energy Execs Say They Quit Startup Over Undisclosed Russian Funding
U.S. executives resigned from Polar LNG after discovering that Russian gas producer Novatek was allegedly funding and directing the venture, which was seeking U.S. Treasury approval to acquire sanctioned Arctic LNG 2 equipment.
A Russian energy company secretly funded a U.S. Alaska LNG project, prompting executive resignations and Treasury scrutiny.
Senior leaders at Polar LNG resigned after uncovering that sanctioned Russian firm Novatek allegedly financed and guided the $25 billion Polar Train LNG project on Alaska’s North Slope, prompting the company to deny the allegations and assert it had sought U.S. approval to use Russian equipment.
Novatek secretly financed a $25 B LNG plant on Alaska’s Arctic coast through its UAE parent company Tech Wave, prompting executive resignations and raising sanctions concerns.
A planned Polar LNG liquefaction project in Alaska will use Russian technology and be financed by Novatek, a company under U.S. sanctions, prompting resignations from Polar LNG executives and requiring Treasury approval.
An Alaska liquefied natural gas project has received funding from Russian energy firm Novatek PJSC, which is subject to U.S. sanctions, according to the Financial Times.
Former Polar Train LNG CEO says Novatek secretly financed and controlled a $25bn Alaska LNG project, prompting U.S. executives to resign.
