Venezuelan President Hugo Chavez expressed his wish to change the country’s constitution in a way that would allow him to remain in office for an indefinite period and enhance the government's power.

Chavez said a change is needed and plans to extend the presidential term to seven years and introduce an amendment that would permit a president to run for office several times, without any restriction. The current presidential term is limited at six years and a persons could only obtain two terms.

“This issue is polemical, but I'm not trying to deceive anyone,“ Chavez said. “This proposal is being made now so that nobody can come back and accuse us of trying to trick the country by pulling something out of our sleeve.”

Chavez will have to step down in 2012, but he is keen on continuing his rule based on the popularity he has among Venezuelans and reforms initiated.

The leader said he is well aware that such a modification would be heavily criticized by many, but that doesn’t necessary mean he would remain at Venezuela’s helm. His re-election would depend on the population’s choice and political developments.

Among other changes, Chavez wants to give the government more power in the banking and industrial sectors by removing the national bank’s autonomy. The amendments proposed by Chavez would allow the government to have a firmer grip on the country’s natural resources and increased control over foreign companies operating in the oil-rich Venezuela.

Any changes proposed must pass through a national referendum, but latest polls indicate that Chavez has the support of almost 70 per cent of the population and his reforms are likely to receive green light from voters.