In a report on his agency's activities to the UN General Assembly, the International Atomic Energy Agency (IAEA) chief said his agency was weighing a proposal for "an actual or virtual reserve fuel bank of last resort under IAEA auspices" for supplying nuclear fuel.

With the Iranian nuclear issue in mind, he said the IAEA was also looking at proposals to convert "a national facility into an international enrichment center" or "the construction of a new multinational enrichment facility under IAEA control."

Tehran is refusing to heed UN Security Council demands that it halt uranium enrichment, arguing that it is entitled to pursue enrichment as a signatory of the nuclear Non-Proliferation Treaty.

The United States and its European allies accuse Tehran of seeking to develop nuclear weapons. Iran insists that it wants only to generate electricity for a growing population.

ElBaradei sparked controversy with the US and French governments by declaring Sunday that he had no evidence to show that Iran is building nuclear weapons.

In his report to the UN, the IAEA chief proposed "an equitable system" to supply nuclear material, followed by steps to "bring any new operations for uranium enrichment and plutonium separation under multinational control."

He noted that there are 439 nuclear power reactors operating in 30 countries, supplying just over 15 percent of the world's electricity. Half of the 30 reactors now being built were in developing countries, he said.

Iran's UN ambassador told the 192-member assembly that new US sanctions against his country aimed to undermine talks between Tehran and the IAEA, but would not deter the Islamic republic from pursuing its nuclear goals.

"There is no doubt that the recent US unilateral measures against Iran would only seek to undermine the current negotiations and cooperation between Iran and the agency," Mohammad Khazaee told the UN gathering.

But he said that "no amount of US irrational policies will be able to dissuade us from pursuing our legitimate rights (to nuclear energy) and interests."

Last week, Washington labeled Iran's elite Quds Force a supporter of terrorism and slapped sanctions on three state-owned banks and companies controlled by the Revolutionary Guards.

ElBaradei urged Tehran to show "active cooperation and transparency" with the IAEA to prove that its nuclear program is peaceful.

"If the agency were able to provide credible assurance about the peaceful nature of Iran's past and current nuclear programs, this would go a long way toward building confidence and could create the conditions for a comprehensive and durable solution," he said.

One of ElBaradei's deputies, Olli Heinonen, arrived in Tehran earlier Monday for talks with top national security official Javad Vaeedi.

Iran hopes the talks with the IAEA will prevent the Security Council from imposing a third round of tougher sanctions as sought by the United States, Britain and France.

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