Venezuelan President Hugo Chavez called for regulation of the Internet on Saturday, while demanding authorities crack down on a critical news Web site that he accused of spreading false information.

President Hugo Chavez accused his adversaries on Sunday of sabotaging Venezuela's electricity grid as part of a broader plan aimed at bringing about the system's collapse — and his downfall.

A group led by Oil and Natural Gas Corp (ONGC) has bagged 40 per cent stake in a USD 19 billion-project to develop a major crude oil block in Venezuela.

Venezuelan cable television providers have dropped a TV channel critical of President Hugo Chavez from their programming, after a government official said the network violated broadcast laws.

President Hugo Chavez announced a currency devaluation on Friday for the first time since 2005, setting a two-tiered exchange rate designed to help Venezuela's oil earnings go farther domestically while holding down prices of priority imports like food to counter soaring inflation.