Russian gas producer PAO NOVATEK executives discussed up to $15 million for Tech Wave Industrial Projects Management to support an Alaska LNG venture, The New York Times reported, placing the project’s financing under scrutiny.
Messages reviewed by the Times described a proposed initial transfer of $5 million. They show planned funding, but do not establish whether money was ultimately transferred or how much. Polar LNG’s former chief executive Joel Riddle told the Times that Novatek supplied some startup funding. The Financial Times separately reported reviewing messages from Novatek executive Denis Solovyov about financing the venture and efforts to speed up transfers.
The Times separately reported that Russian President Vladimir Putin discussed the Alaska project with U.S. envoys Steve Witkoff and Jared Kushner during a September meeting. The Kremlin’s official record confirms the meeting took place on Sept. 5, 2026, but does not mention Polar LNG. The Financial Times also reported that discussions included a possible arrangement in which Novatek would help build the terminal in exchange for sanctions relief for Russia’s Arctic LNG 2 project.
In an Oct. 23 statement, Polar LNG said its affiliate TechWave had provided financing and that preliminary engineering had begun with U.S. contractors. The company said it applied to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for a license to buy an unfinished gravity-based structure from Novatek. It said development was being conducted in compliance with U.S. law.
OFAC lists OAO NOVATEK as a non-SDN entity subject to Directive 2. The directive restricts U.S. persons from dealing in covered new debt issued by, on behalf of or for the benefit of a covered entity on or after Nov. 28, 2017, if the debt has a maturity of more than 60 days. The Treasury Department announced debt restrictions on Novatek in 2014, before Russia’s 2022 full-scale invasion of Ukraine.
Polar LNG describes a proposed nearshore facility on Alaska’s North Slope. Its website estimates investment at $8 billion to $9 billion, while the Financial Times described a $25 billion venture; the sources do not explain the difference. The Times reported Novatek could benefit by supplying technology and potentially taking an equity stake. Polar LNG says the project could bring investment, skilled jobs and long-term revenue to Alaska.
Polar LNG targets first gas deliveries by the end of 2030, subject to permits, financing and engineering. The company has not given a date for an OFAC decision.
