Iran is ready to exchange the bulk of its stockpile of enriched uranium for nuclear fuel rods – as proposed by the UN – but according to its own mechanisms and timetable, the foreign minister said yesterday.

The minister's remarks come just days before an expected meeting between the US and allies to discuss new sanctions against Iran over its nuclear program. The offer, however, falls far short of the conditions set by the international community.

Manochehr Mottaki said Iran agreed with a UN deal proposed in October in which up to 200 kilograms of its uranium would be exchanged for fuel rods to power its research reactor.

"We accepted the proposal in principle," he said through a translator. "We suggested in the first phase we give you 400 kilograms of 3.5% enriched uranium and you give us the equivalent in 20% uranium."