Iran has said that it is ready to exchange the bulk of its stockpile of enriched uranium for nuclear fuel rods, as proposed by the U.N., but according to its own mechanisms and timetable.This was announced by Iranian foreign minister Manochehr Mottaki in a press conference at a regional security conference in Manama in Bahrain today. He said that Iran accepted the proposal in principle and suggested in the first phase it will give 400 kilograms of 3.5 percent enriched uranium and it should be given back the equivalent in 20 percent enriched uranium. He also said that the exchange should take place on Iran's Kish Island, in the Persian Gulf.The International Atomic Energy Agency proposed in October that Iran ship its uranium out of the country to be further refined by France and Russia and turned into fuel rods, which cannot be turned into weapons.