The Iraqi State Oil Marketing Organization (SOMO) has announced that it has completed all agreements with companies purchasing oil from the Kurdistan Region and is ready to begin receiving and exporting the region’s crude to international markets.

Ali Nizar, the director of SOMO, told the Iraqi News Agency that the organization has reached an understanding with the Kurdistan Regional Government (KRG). “We are now working jointly with the Ministry of Natural Resources,” he said, confirming that cooperation is ongoing to ensure smooth implementation.

Nizar further stressed the need for both the KRG and the federal government to agree on mechanisms for enforcing the federal budget law. He added that SOMO is fully prepared to handle Kurdistan’s oil exports and market them globally.

On the quality of Kurdish crude, Nizar noted that it is “comparable to Russian oil,” adding that exporting this oil through Iraq will provide an important new source of supply for European markets.