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The governments of China and Venezuela have signed an agreement for the development of a geostationary satellite, state news service AVN reported.
The satellite, dubbed VRSS1, will require a total investment of US$140mn and will be placed in orbit in October 2012, according to the report. The aircraft will be launched from China.
The satellite will be used for security and defense issues, as well as for urban planning, environmental management and for agriculture, according to the report.
"We will have a satellite that will provide 24-hour monitoring over our territory," Venezuelan science and technology minister Ricardo Menéndez was quoted as saying.
Venezuela launched the Simón Bolívar satellite in October 2008. The aircraft, which was also built by China, is used for providing telephony, high-speed internet and TV services in isolated areas.