The Iranian company Tadbir Energy is bidding to buy the Petit-Couronne oil refinery from the French company Petroplus, which has gone into insolvency.

Despite sanctions against the Islamic Republic, Tadbir Energy, which has links to the Imam Khomeini Foundation, an Iranian charity organization, has put in a bid for the French refinery.

Figaro reported the news on Tuesday December 4, adding that Iran’s bid will be examined by the trade court in Normandy.

The report indicates that the Iranian bid for France’s oldest refinery includes a promise to keep employing its 550 workers.

The European Union has forbidden all oil imports from Iran since July of 2012. Experts say there are no legal obstacles against an Iranian company acquiring the refinery, but running it may prove challenging.

Tadbir is not, however, the only company showing interest in acquiring Petit-Couronne. A Dubai company, Netoil, and the Libyan Investment Authority are looking at potential bids.