CARACAS, Oct. 5 -- Venezuela signed Sunday an agreement with a Chinese state-owned company to build and deliver into orbit the country's third satellite with the help of Chinese technology.

The satellite will be named after the independence hero Antonio Jose de Sucre, although both sides didn't offer details of its cost and specific timeframe for the project.

The agreement, which was inked at the presence of Venezuelan President Nicolas Maduro, was signed between the Venezuelan government and China Great Wall Industry Corporation (CGWIC), China's sole commercial satellite launch service provider.

"I want to celebrate the agreement to build and launch our third satellite in cooperation with China. Now we'll be more technologically independent with this new tool," said Maduro at the signing ceremony.

In addition, China will expand satellite technology transfer to Venezuela, Chinese President Xi Jinping said during his visit to Venezuela in July this year.

Venezuela's first satellite, a telecom satellite, was launched from China in 2008 and named after independence leader Simon Bolivar.

Venezuela's second satellite, a remote sensing satellite, was also delivered into space from China in 2012 and named after the independence hero Francisco de Miranda.

The second satellite is mainly used for the country's land resource inspections, environmental protection, disaster detection and management, crop yield estimation and city planning.