PG Cold Energy 1 Sdn. Bhd. (PGCE1) is a Malaysian special purpose vehicle established to develop, own, and lease facilities for an LNG-based air separation unit (ASU). Originally incorporated on 29 September 2011 as Regas Terminal (Pengerang) Sdn. Bhd. with registration number 201101034004 (962139-X), the company focuses on assets and facilities that utilize cold energy from LNG regasification to produce industrial gases.
It functions as a joint venture led by PETRONAS Gas Berhad, the gas infrastructure subsidiary of Malaysia's state-owned energy company PETRONAS, through PG Energia Sdn. Bhd. (approximately 72.22% equity interest). DIALOG Group Berhad holds the remaining 27.78% via DIALOG Equity (Three) Sdn. Bhd. The ultimate parent is PETRONAS.
PGCE1's core activities involve the construction, ownership, and leasing of the ASU at the Pengerang LNG regasification terminal in Johor, Malaysia. In October 2026, it concluded an agreement with Air Products for the design, build, and operation of the facility under a design-build-lease model. The plant will produce more than 600 tonnes per day of liquid oxygen, nitrogen, and argon.
Scheduled to commence operations in early 2027, the ASU represents Malaysia's first LNG-based facility and Air Products' fifth such project in Asia. It will supply industrial gases to customers in the electronics, petrochemicals, aerospace, and manufacturing sectors across southern and central Malaysia, improving energy efficiency and reducing emissions by leveraging LNG cold energy.
Within the broader PETRONAS group structure, PGCE1 supports Malaysia's energy infrastructure development and the supply of industrial gases to key sectors.
Also known as Regas Terminal (Pengerang) Sdn. Bhd..
LNG cold energy will liquefy air to produce >600 t/day of liquid O2, N2 and Ar for southern and central Malaysia; start-up expected early 2027.
