Iranian President Mahmoud Ahmadinejad said on Sunday that it is necessary to replace US dollar with other major hard currencies in oil trading.

Ahmadinejad made the remarks at a news conference in the third summit of the Organization of Petroleum Exporting Countries' (OPEC) in the Saudi capital of Riyadh.

"There should be a credible and good currency to take over US dollar's role and to serve oil trades," he said.

Oil producing countries are not benefited much from the current oil prices, said he, attributing it to the devaluation of US dollar and the high taxation imposed by western banks.

"The money had come to a handful of super-rich capitalist," he said, calling for the establishment of a specialized bank named "OPEC bank" to safeguard the interest of OPEC member states in the oil trading.

Hugo Chavez, Venezuelan President, firstly put forward the idea of "OPEC bank" in the summit's opening speech on Saturday, saying that OPEC can make research of new resources and seek more cooperation to reduce the climate changes.

Regarding the Gulf situation, Ahmadinejad ruled out the possibility of a new war in the region, saying that if any power did it, it would commit huge mistakes and would be unable to manage the war.

He then said that Iran and the neighboring Gulf countries share the same culture and have friendship, and Iran would consult with other Arab nations on a plan to enrich uranium in a neutral country.

Ahmadinejad arrived in Riyadh Friday to attend the OPEC summit, which ended on Sunday night with the issue of Riyadh Declaration.

(Xinhua News Agency November 19, 2007)