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It is understood that delays in arranging finance have postponed the final development decision on the project.
Canada's Methanex plans to construct two methanol plants at the facility with annual production capacity of two million tonnes. The project is estimated to cost $2 billion and should generate $720m in annual export earnings when fully operational.
The project has the support of both the state and federal governments.
Earlier in the week, a rival methanol project announced plans to use the Tassie Shoal in the Timor Sea and the adjacent Evans Shoal gasfields for its competing project, after receiving environmental approval from the federal government.
Both projects are targeting a rapidly growing north Asia market for petrochemicals.
