A joint bid by oil and gas logistics company Medserv and a European partner in Tanzania has been shortlisted, the company said.

The company said in a statement that “if successful this would be our first operation in East Africa and a first out of the Mediterranean".

In a company announcement, Medserv stated that it has been invited by a major UK based oil company to tender for the setting up and operation of a logistic supply base in India.

“The investments made in strengthening the management team are starting to bear fruit. These operations outside the Mediterranean are a game-changer and would be a momentous milestone for the company and our brand,” chairman Anthony Diacono said.

The company reported that the recovery in the company’s turnover evidenced in the last quarter of 2012 continued to lead to a profit for the first three months of the year. The company also started work on a second large oil related maintenance project which was expected to be completed within the next few months.

The preparations being made by oil companies for upcoming projects in the Mediterranean have continued and both the company’s warehousing facilities in Malta as well as the open areas on the Malta base were benefitting from this activity leading to increased income from storage and from activities on the company’s quay.

The company reported that the Misurata base, whilst operational, still suffered from the lack of new business from the international oil companies which remained reluctant to return to operational activity in Libya.

However, income sufficient to meet the running costs of the base wasbeing received from equipment stored there.

The company was continuing to market its facilities and capabilities in Cyprus.

Medserv said that the new Italian government's announcement that fossil fuel exploration offshore Italy and particularly Sicily wasvital to the Italian economy, could be of benefit to both the recently set up joint venture in Sicily as well as to the Malta base.