Hugo Chavez, who was reelected president of Venezuela in December, took the oath of office on Wednesday, promising to deepen socialism and complete the renationalization of key national companies.

"Nation, socialism or death," Chavez said during this swearing on the country's 1999 constitution for his 2007-2013 term, recalling the battle cry of Fidel Castro, Cuba's leader and a personal friend of Chavez.

Speaking to the country's 167-seat legislature, the National Assembly (AN), he said "socialism is the only path for our nation", adding it was the only way to realize the dreams of thousands for a better life.

All the AN's deputies are members of Chavez's ruling Fifth Republic Movement (MVR).

Chavez, 52, has ruled Venezuela since 1999. He has frequently clashed with the nation's economic powers, with other politicians and with the nation's press. But on Dec. 3, in elections generally regarded as free and fair, he succeeded.

Cilia Flores, the Congress president who swore Chavez in placed the presidential sash on his shoulders and a band began playing the Venezuelan national anthem.

She introduced him as a "commander and president" dedicated to socialism as the only model.

Chavez announced his plans to reform the constitution, using a constituent assembly that will dismantle what he called "the old structures of capitalism."

He described capitalism as causing only unhappiness for the majority, repeatedly citing Venezuelan liberation hero, Simon Bolivar.

The president also talked about Tuesday's 18.6 percent fall in the Caracas stock exchange, after he said he would nationalize key electricity and telecommunications companies.

"Shares in two companies fell, but not the Venezuelan economy, which is very solid," he said, adding that he would not "rest his arm or his spirit" until a political, economic and social system that benefits the people and the industries of Venezuelans is set up.

A key project within this broader plan is to boost state control of the foreign private companies operating in the Orinoco Petroliferous Strip. Venezuela, with a population of 26 million people, relies on petroleum exports for the bulk of its foreign exchange and state income.

Chavez said his politics was inspired by Bolivar and Jesus Christ, who he described as "a revolutionary symbol" urging one to sacrifice for the weakest, the poor and the underprivileged. He criticized the nation's clerics and financial elites for doing so little for the poor.

He also called for opposition forces to respect the decision taken by the majority of Venezuelans.

Wednesday's ceremony was attended by Jorge Rodriguez, the nation's vice president, but foreign heads of state were absent.

Chavez plans to visit Nicaragua for the swearing in of Daniel Ortega, of the Sandinista National Liberation Front party.

Before the ceremony, Chavez went to Caracas's National Cemetery and laid a wreath on the grave of Bolivar.

Source: Xinhua