Venezuela has welcomed the succesfull launch of its first Satellite VENESAT-1 on wednesday as a joint project with China. This project was started some three years ago. Venezuelan President Hugo Chavez said the launch marked the country’s maiden satellite launch and started Exploring the space. The launch took place in the Satellite launching center of Xichang in China’s Sichuan Province. He also said that the Satellite will eliminate the country’s Satellite Illiteracy and contribute to the Building of a Multi Polar world. Most of the Venezuelan saw the satellite’s launch and progress through TV. The satellite was manufactured by China in agies of Venezuela. The total cost of this project is $406 billion. The satellite’s life was estimated as 15 yrs from the Launch.