AEO Deputy Head for International Affairs Mohammad Saeedi said here Tuesday that the multilateral plan presented by some countries to establish fuel bank for supplying fuel to the member states has no executive guarantee.

Speaking on the second day of confab dubbed "Status of nuclear fuel in research and development" held at Abbasi Hotel, he said the plan lacks political, legal and technical guarantee.

Since the nuclear fuel producing countries have refused to supply fuel for the member states of International Atomic Energy Agency (IAEA) so far, so the plan will not work.

Having access to nuclear fuel cycle has no contradiction with Non-Proliferation Treaty (NPT) and Safeguards of the IAEA, he said adding that the IAEA Charter has envisaged the right of the member states to produce fuel for their power plants.

Addressing Iranian nuclear experts, he said that the nuclear states have decided to monopolize nuclear fuel in the 21st century for their own interests.

On future of fossil fuel reserves, he cited a prediction that in the year 2025, consumption of fossil fuel would hit 130 million barrel per day (bpd) from the current 90 million bpd at dlrs 200 per barrel.

It is predicted that Iranian oil would be hardly enough to meet domestic consumption in the next 20 years and then will be dropped out of the list of the oil exporting countries, he said.

"Iranian program to replace fossil fuel with nuclear energy would dramatically help reduce the country's oil consumption and would also be useful for the foreign consumers of Iranian oil." In order to be politically and economically independent, we have no alternative but to produce our own nuclear fuel, he added.

"We have acquired nuclear fuel cycle and would go ahead with the plan," he said.

Benefiting from nuclear energy is our legitimate rights, he said adding, "only a few countries object and create problems to us and other countries such as Saudi Arabia, Algeria, Tunisia, South Africa, Argentina, Brazil and the South-East Asian nations are opposing any restrictions on those who seek their NPT rights."