ElBaradei said the nations' capitals had until Friday to approve the draft deal [AFP]

The move would strip Iran of most of the material it would need to build a nuclear weapon, diplomats said on Wednesday, helping to allay Western fears over Tehran's nuclear ambitions.

Mohamed ElBaradei, director-general of the International Atomic Energy Agency (IAEA), said the draft was drawn up by the US, Russia, France and Iran at a closed conference at the agency's headquarters in Vienna, Austria.

He said the text had been sent to the nations' capitals for approval by Friday.

"I have circulated a draft agreement that reflects, in my judgment, a balanced approach on how to move forward," he said.

"Everyone in these talks was trying to look to the future, not the past, and heal the wounds existing for many years ...This [deal, if formally approved], should open space for negotiations."

Diplomats told the Reuters news agency that ElBaradei's draft contained the powers' call for Iran to send about 75 per cent of its enriched uranium reserve abroad before the end of this year.

The reserve would be converted into fuel for a Tehran reactor producing medical isotopes.

Russia, France and the US have been pushing Iran to agree to ship 1,200kg of its own stockpiled uranium to Russia, and subsequently France, but ElBaradei did not reveal whether Iran had agreed to that key point.

Despite concern by Western powers that Iran intends to build a nuclear weapon, Tehran has maintained that its programme is aimed at peaceful purposes only.

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