DUBAI, United Arab Emirates, Oct. 24 (UPI) -- Iranian Oil Minister Rostam Qasemi said Iran aims to embark on a green-energy campaign to cut back on domestic oil consumption.
Qasemi told the World Energy Forum in Dubai that Tehran was starting a renewable energy campaign that embraces solar, wind and biofuels.
"Iran is implementing new economic policies such as subsidies reform, optimizing and standardizing fuel consumption, and changing domestic consuming model," he was quoted by China's official Xinhua News Agency as saying.
Iranian President Mahmoud Ahmadinejad in March approved of a plan to take $650 million out of a national development fund to develop renewable energy projects.
Western governments have tightened sanctions on Iran's energy sector in response to transparency issues surrounding Iran's nuclear program. Tehran, a top producer among members of the Organization of Petroleum Exporting Countries, said it would cut oil exports if the sanctions pressure increases.
"If you continue to add to the sanctions, we will stop our oil exports to the world," Qassemi was quoted by Bloomberg News as saying. "Iran has a plan for functioning without oil revenues and if the sanctions are intensified we will implement our plan."