Polar LNG, a startup launched in March, wants to liquefy gas at Prudhoe Bay and ship it by ice-class tanker to Asia. It landed in national headlines on Oct. 23 and 24, 2026, when the Financial Times and the NYT published its former chief executive’s claims about Russian money behind the Alaska North Slope LNG venture, and the company answered with its own statement.
Where it stands: The company, in a statement dated Oct. 23, named Tim Talkington acting CEO, said “The summer fieldwork has been completed,” and confirmed a pending request to Treasury’s Office of Foreign Assets Control to let it purchase a partly built Novatek plant base. First gas deliveries are targeted for late 2030 if permits and money come through.
The allegation comes from Joel Riddle, the chief executive Polar LNG named at its March launch, who says Novatek was covertly bankrolling and directing the venture. Every party named rejects that. Polar LNG describes Riddle as a “disgruntled former employee,” says he was dismissed for cause and maintains that its work complies with U.S. law, as Newsmax summarized its comments to the FT. Novatek says it is pursuing a “minority shareholder” position and that sanctions relief is not a condition. Its Abu Dhabi parent, Tech Wave, says the Russian firm owns nothing in it. U.S. authorities have not publicly found any breach, Business Standard noted. The full dispute is in our main report.
What the Alaska North Slope LNG plan involves
When Polar LNG went public in March, it told Reuters a first phase costing $8 billion to $9 billion would make 7 million tons of LNG a year, with one or two later expansions possible. Riddle’s goal at the time was to make the investment decision by the middle of 2027. The company also plans to buy six icebreakers.
The launch announcement described “significant upgrades to West Dock at Prudhoe Bay,” the industry dock on the Beaufort coast, and year-round marine access to the North Slope. On May 19, Riddle gave a plenary talk at Gov. Mike Dunleavy’s Alaska Sustainable Energy Conference in Anchorage, in a slot the agenda titled “Polar LNG: America’s Next Energy Frontier Starts in Alaska.”
Revenue: promises, and what is missing
Polar LNG’s launch release promised “sustained state revenue from Prudhoe Bay’s natural gas and property tax revenue for the North Slope Borough.” It did not put a number on either, and no estimate had been published as of October 26.
For the borough, property tax is the whole game. Mayor Josiah Patkotak’s budget letter for fiscal 2026-27 says property tax brings in about 90 percent of operating revenue and assumes $28 billion in assessed value, with oil and gas property valued by the State Petroleum Assessor.
That is why tax breaks draw local scrutiny. Alaska levies a statewide 20-mill tax on oil and gas infrastructure, shared between the state and local governments, Alaska Public Media reported. When Dunleavy proposed swapping it for a much smaller volume-based tax to help Glenfarne’s Alaska LNG pipeline, Patkotak warned it could become a precedent that other companies would push for. No tax-break request from Polar LNG had been reported as of October 26.
Jobs and in-state gas
The Oct. 23 statement says the project “will bring billions of dollars of private investment, skilled jobs and long-term revenue to Alaska.” Polar LNG has not released a job count. Gentry Beach, the Texas investor who described his own North Slope export plan, called Polar Eagle, to the Anchorage Daily News in March (not to be confused with Polar Eagle LNG, the company Talkington heads), said it would create “lots and lots of jobs.”
Southcentral Alaska is the bigger local question. Dunleavy has pointed to an impending shortage of Cook Inlet gas, the Alaska Beacon reported, and Glenfarne’s pipeline is pitched first as a supply line for Alaskans; its CEO, Brendan Duval, told Dunleavy’s conference “this is an Alaska solution project,” according to the governor’s office. Polar LNG said only that it is “evaluating opportunities to supply Southcentral Alaska.” Riddle has framed the two plans as compatible: “Alaska’s energy future is not about choosing one project over another.” Glenfarne declined to comment on Beach’s Polar Eagle plan in March.
Whaling, Native communities and permits
The Beaufort coast is bowhead whale country. Eleven Alaska Native communities, including Nuiqsut, Kaktovik and Utqiagvik, share the subsistence quota through the Alaska Eskimo Whaling Commission, which co-manages the hunt with the federal government, according to NOAA Fisheries. NOAA calls the bowhead harvest the most important hunt of the year for many of those villages.
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Experts told the ADN in March that permitting “in a region that’s home to subsistence whalers” was among the main hurdles for direct North Slope export, along with Russia sanctions and sea ice. Polar LNG’s launch release promised to “incorporate Alaska Native knowledge,” and Beach asserted of his own plan: “It’s just not gonna be something that impacts whaling.” No partnership between Polar LNG and the borough, an Alaska Native corporation or the whaling commission had been announced as of October 26, and no federal environmental review of the project had been reported.
The federal sanctions license is a separate hurdle; our OFAC license explainer covers how that process works.
| Issue | What Polar LNG says | What the record shows |
|---|---|---|
| State revenue | “Sustained” revenue | No estimate published |
| Borough taxes | Property tax for borough | Taxes are ~90% of borough revenue |
| Jobs | “Skilled jobs” | No job count released |
| In-state gas | Evaluating Southcentral supply | No commitment |
| Whaling | Alaska Native knowledge | No review or partner announced |
| Timeline | Gas by end of 2030 | Subject to permits, financing |
| Russian equipment | OFAC license sought | No decision announced |
What Alaska officials have said
In coverage reviewed through October 26, Dunleavy, Alaska’s congressional delegation and the North Slope Borough had not publicly responded to the Polar LNG reports. The delegation’s broader record on Russia sanctions is in our Sullivan explainer, and why North Slope gas has never been exported is in our history of the stranded gas.
Alaskans have heard large gas promises before. By the estimate of Larry Persily, who once led the federal Alaska gas line coordinator’s office, the state has put more than $1 billion into pipeline efforts in the past 25 years, and none has been built.
Frequently Asked Questions
Where would the Polar LNG plant be built?
Polar LNG says it would build a nearshore liquefaction plant near Prudhoe Bay on the North Slope, fed by a short pipeline from existing fields, and ship the fuel on ice-class tankers. No permit applications other than the OFAC request had been reported as of October 26, and it says deliveries are targeted for the end of 2030, subject to permits and financing.
Would Polar LNG pay taxes to the North Slope Borough?
The company says the project would generate property tax revenue for the borough and revenue for the state. It has not published an estimate. Property taxes, mostly on oil and gas infrastructure, are about 90 percent of the borough’s operating revenue, according to the mayor’s budget letter.
Would Polar LNG bring gas to Anchorage or Southcentral Alaska?
Polar LNG said on Oct. 23 only that it is evaluating opportunities to supply Southcentral Alaska. It has made no commitment, and its main business plan is export to Asia.
Does Polar LNG affect subsistence whaling?
No public environmental review of the plan had been reported as of October 26. Industry experts told the Anchorage Daily News that permitting in a region home to subsistence whalers is a major hurdle for North Slope export plans. Gentry Beach, discussing his separate Polar Eagle plan, asserted it would not affect whaling.
Is Polar LNG under investigation?
No U.S. agency had publicly announced an investigation or found a violation through October 26. The former CEO says Novatek secretly financed the company; Polar LNG, Novatek and Tech Wave dispute his account.
Sources
- Polar LNG Launches and Appoints Industry Veteran Joel Riddle as President and CEO — Polar LNG (via PR Newswire), March 30, 2026
- Polar LNG Announces Leadership Change and Outlines Vision for Alaska North Slope Development — Polar LNG (company statement), October 23, 2026
- Planned LNG plant in Alaska seeks equipment from sanctioned Russia firm — Reuters (via Eye on the Arctic), April 1, 2026
- Texas investor with Trump family ties pursues project to tap North Slope gas — Anchorage Daily News, March 3, 2026
- Mayor’s Budget Letter, Fiscal Year 2026-2027 — North Slope Borough, March 31, 2026
- Borough mayors urge changes to Dunleavy’s Alaska LNG tax break bill — Alaska Public Media, March 31, 2026
- Alaska Sustainable Energy Conference 2026 agenda — Alaska Sustainable Energy Conference, May 2026
- Alaska Sustainable Energy Conference Highlights Global Interest in Alaska Energy and Minerals Resources — Office of Gov. Mike Dunleavy, May 2026
- Bowhead Whale — NOAA Fisheries, accessed October 26, 2026
- Alaska natural gas pipeline dreams stretch over half a century — Alaska Beacon (via Arctic Today), June 18, 2026
- Former CEO: Russian Firm Backed Alaska Gas Venture — Newsmax (via Yahoo News), October 24, 2026
- Whistleblower CEO quits over hidden Russian cash behind gas deal in Trump peace talks: NYT — Raw Story, October 24, 2026
- Top executives quit $25 bn US gas project over alleged Russian control — Business Standard, October 25, 2026
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.