CARACAS, Oct. 29 (Xinhua) -- The Venezuelan government hailed on Wednesday the successful launch of its first satellite "Simon Bolivar" or "Venesat-1" as part of a joint project with China that started three years ago.

    Venezuelan President Hugo Chavez said the launch marked the country's start in space exploration, and was a step ahead to the independence of Latin America and the Caribbean region in the scientific, technological and cultural fields.

    The launch, taking place in the Satellites Launching Center of Xichang in southwest China's Sichuan Province at 1654 GMT, was watched by millions of Venezuelans through images from China Central Television (CCTV).

    Chavez watched the broadcast of the launch at Luepa Station in southern Venezuela's Bolivar state.

    He said that the satellite will help eliminate the country's "satellite illiteracy", and contribute to the building of a multipolar world.

    Meanwhile, Nicaragua's official radio station La Nueva Radio Yaalso cheered on Wednesday for the successful launch of "Simon Bolivar", saying that the important event will be contributive to Latin America's integration.

    The satellite, manufactured by China, will promote telecommunications in Venezuela. The whole project is to cost 406 million U.S. dollars including the building of technological bases, manufacturing, launch and training of Venezuelan professionals.

    It is China's first contract on the manufacturing and launch service for a Latin American country.

    The "Venesat-1", with a designed life of 15 years, will be used in broadcasting, distance learning, medical services, among others.

    After necessary tests, the Venezuelan Science and Technology Ministry will start to provide the state-owned telephone company CANTV with satellite services on Dec. 20.

    The satellite will be operating at an orbit 36,000km high from the earth surface, with a signal of 1,300 MHz ranging from south Mexico to half of Argentine and Chilean territories.

    The "Simon Bolivar" Satellite, named after a South American independence leader in the 1800s, makes Venezuela the fourth country in Latin America with a satellite -- after Mexico, Argentina and Brazil.