Iraqi Oil Minister Hayan Abdul Ghani has announced that the central government is in the final stages of implementing an agreement between Erbil and Baghdad on the re-export of oil from the Kurdistan Region.

The minister told the official news agency that the State Oil Marketing Organization (SOMO) will soon resume exporting oil from the Kurdistan Region, and will be signing contracts with those who buy oil from the region.

The agreement, which was signed on April 4, 2023, will see oil from the Kurdistan Region sold through the Turkish Ceyhan World Port by SOMO, with the proceeds deposited in a special bank account under the control of the Kurdistan Regional Government.

The move is seen as a positive step towards improving relations between Erbil and Baghdad, after years of disagreements over the control and distribution of oil from the Kurdistan Region.

The Iraqi Oil Minister has praised the agreement, stating that it will bring stability and security to the region, and will provide a reliable source of income for the Kurdistan Regional Government.

The announcement has been welcomed by the international community, who have long called for a resolution to the oil dispute between Erbil and Baghdad, and for the stabilization of the Kurdistan Region's economy.