wa this week – 10 years ago

East Spar gas project approval: The Western Australian Government gave environmental approval for the $250 million East Spar gas project to begin, this week 10 years ago. The East Spar offshore gas field was set to become Australia’s first fully automated sub sea gas gathering system. Then resource development minister Colin Barnett and environmental minister Peter Foss said the decision cleared the way for construction to start with first production due in October that year. A 65km sub-sea pipeline was to be built to tap gas directly from the source of the gas find to the gas gathering facilities at Varanus Island. Foodland plans to expand: Foodland Associated Limited was set to expand its Canning Vale cold store facility and open three new Action food barns over the next 18 months, it said. The plan followed a swing in net profit over 1994-1995 after record-ing a loss in the previous year. The results came from the first time full year contributions from the group’s New Zealand based subsidiaries, unlisted Farmers Deka limited and Progressive Enterprises Ltd. The grocery wholesaler recorded a net profit of $52.6 million after tax on a 6 per cent rise in sales revenue to $3.5 million. DJs to float: Company directors at David Jones surprised analysts by deciding not to participate in a trade sale in favour of floating the company on the stock market. Several international retailers had shown an interest in the company which has become and iconic name in Australian retail-ing. David Jones had been up for sale for $850 million and Harvey Nichols chief Dickson Poon was interested but his offer was believed to have been beaten. A US-based leverage buyouts specialist Kohlberg Kravis Roberts was rumoured to have offered $900 dollars for the company.