The German government seized three oil refineries in the country owned by Russian energy giant Rosneft in an effort to deal with a growing energy crisis in Europe.
Germany's economy ministry said in a statement that the refinery shares were put in the hands of a government agency.
The foundation for the preservation and future of the location was laid by the Trustee administration.
The decision is accompanied by a comprehensive package for the future, which will bring a boost to the region and support the refinery, to ensure the supply of oil via alternative delivery routes.
Berlin, Germany's capital city, gets a lot of fuel from the PCK Schwedt refinery.
The European Union is going to impose sanctions on Russia in December. The future operations of the refinery were at risk due to that.
It is one of the biggest oil processing companies in Germany and accounts for 12% of the country's oil processing capacity. Germany imports crude oil from Russia through its units.
Russia is cutting off supplies to Germany in response to Western sanctions. It's leaders accused Moscow of weaponizing its energy supplies as it cut off natural gas to Germany via the keyNord Stream 1 line.
Germany is dependent on Russian energy imports and is scrambling to secure fuel supplies before the winter season. It's brought in measures such as reviving coal- fueled power plants to generate electricity in order to secure the energy needed.
In the first half of the year, profits at the largest state-run oil company in Russia increased by more than 7 billion dollars.
Despite sanctions from Western nations aimed at squeezing Moscow's ability to fund its war in Ukraine, the price of crude allowed the company to make more money.
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