Venezuelan President Hugo Chavez celebrated on Thursday the first anniversary of Venesat-1 satellite's launch.

During the ceremony, Chavez confirmed the Venesat-1's operability, denying the rumors of its falling into the sea or running off the orbit.

The ceremony was held in the auditorium of CANTV, a state-owned telecom service company, which commenced its services through the Venesat-1in January.

Chavez said since the Venesat-1's launch 1,500 satellite receivers have been placed mainly at schools, and 16,000 more would be installed all over the country in the coming five years.

The Venesat-1 was made in China with an investment of 420 million U.S. dollars, including training, transfer of technology and construction of electrical substations.

On Jan. 10, 2009, the Venezuelan government received the operative control of the Venesat-1, its first satellite, which was launched on Oct. 30, 2008 in China.

Venezuela is the fourth country in Latin America that owns a satellite, together with Mexico, Argentina and Brazil.