The Methanex methanol project, which will create 100 jobs during construction and lead to 150 permanent positions, is the Burrup's fourth major resources project, worth a combined $3.2 billion, to get the green light.

Dampier Nitrogen intends to build a $900 million ammonia-urea project on the Burrup. Two weeks ago, London-based GTL Resources said finance approvals would be in place for its $500 million methanal plant while the Indian-backed Burrup Fertilisers secured finance late year for its $630 million ammonia plant, the world's biggest.

Construction of the Methanex project is expected to commence in mid-2003, subject to financial closure.