Berlin, Sep 17 (TIWN) Germany has taken control of a major domestic refinery owned by Russian oil company Rosneft, the Ministry for Economic Affairs and Climate Action (BMWK) said.

The economy ministry said it was putting a unit of Russian oil firm Rosneft under the trusteeship of the industry regulator and taking over the business’ Schwedt refinery, which supplies 90 per cent of Berlin's fuel.

“This is a far-reaching energy policy decision to protect our country,” Chancellor Olaf Scholz told a news conference to present the government's plans to put the Schwedt refinery under the control of the Federal Network Agency regulator.

The plans included a ‘package for the future’ with more than $996.10 million in federal and state government investments over several years in eastern German states.