With 90 percent of the votes counted, Chavez, who will serve a third six-year term starting from January 2013, defeated opposition challenger Henrique Capriles, who represents the Democratic Unity Roundtable (MUD) coalition and gained 44.97 percent of votes, reported Xinhua.

Venezuelan President Hugo Chavez (C) holds the sword of South American liberator Simon Bolivar while speaking to supporters after receiving news of his re-election in Caracas