The director of Polar LNG, a company planning to build a liquefied natural gas plant on the northern slope of Alaska, said his company hoped to purchase equipment at reduced prices as part of a Russian project that has been sanctioned by Washington.
Polar LNG was launched on Monday. Joel Riddle, its CEO, said in an interview that the company aimed to make a final investment decision for its plant by mid-2027 and start producing LNG in 2029 or 2030.
* Polar LNG hopes to obtain approval from the US Office of Foreign Assets Control to purchase equipment, including a partially built liquefaction plant, at Arctic LNG 2. Both the administrations of former President Joe Biden and President Donald Trump have imposed sanctions on the project. The US Treasury Department has not commented. Novatek NVTK.MM, which owns about 60% of Arctic LNG 2, said it is aware of Polar LNG’s interest in their production technology. “Discussions on possible engagement options are currently underway,” Novatek said.
* The first phase of the project will require investments of $8-9 billion to produce 7 million tons per year of fuel that could be sold to Japan, South Korea, and other countries. The plant could be expanded in one or two additional phases requiring similar investments.
* Gentry Beach, a friend of Donald Trump Jr., is one of the project’s investors, according to Mr. Riddle. Gentry Beach did not immediately respond to a comment request.
* Polar LNG aims to finance more than half of the project with American capital but is open to investments from Japanese companies and other countries.
* The project would collaborate with another project called Alaska LNG, which the Trump administration hopes to build in the coming years.
* The northern slope faces difficult weather conditions and the effects of climate change, leading some energy companies to leave the region. Mr. Riddle stated that the equipment the company is looking to purchase has been tested in the Arctic. The company also plans to buy six icebreakers.
