London-based GTL Resources confirmed yesterday that financing was in place for its 1 million tonne per year, $U290 million methanol plant and a formal go-ahead was likely within the fortnight.

The news comes just one week after Methanex shelved plans to build the world's biggest methanol plant on the Burrup due to cost blowouts caused by the rising value of the Australian dollar.

Five projects worth more than $5 billion had been slated for the area ,which led to expectations that the area would be Australia's "economic powerhouse". However, prior to yesterday's announcement, only the $630 million Burrup Fertiliser' plant had been secured.