MercoPress. South Atlantic News Agency

Chavez pledges that if an opposition candidate wins, he will hand power

Presidential election is scheduled for next October with the charismatic Chavez leading comfortably in opinion polls (Photo AP)

Venezuela's Hugo Chávez said that if an opposition candidate wins this year's presidential election he will be the first to recognize the rival's victory and hand over power.

The most extreme critics of the controversial Venezuelan populist suggest he could refuse to accept the results if he loses on Oct. 7. In his annual state of the nation speech to parliament, Chávez, 57, scoffed at that and urged opposition leaders to publicly pledge to respect the ballot results.

“I recognize the opposition is making a great effort ... If one of you wins the election, I would be the first to recognize it, and I ask the same of you,” he said, after making a point of greeting some of his most virulent critics on his way in.

“We are going to show the world the political maturity that we have acquired in these years of democratic revolution.”

Chávez travelled from the Miraflores presidential palace to the National Assembly in the back of an open-topped limo, with bodyguards running alongside and throngs of red-clad supporters cheering as they lined the route.

This year's election battle is shaping up to be the toughest that Chávez has faced in his 13 years in power. He underwent cancer surgery in June, then four rounds of chemotherapy. A newly united opposition coalition sees this election as the best chance to unseat him.

Most analysts, however, see Chávez having the edge and securing another six-year term.

A report on Friday by Control Risks, a global consultancy, said Chavez had a 55% hance of winning, while the opposition had a 40% chance of victory. The report also said there was a 5% chance Chávez would install an open dictatorship if he lost.

“Although dterioration in Chávez's health could alter the outlook, he remains the marginal favourite to win re-election because of his greater campaign resources, de facto control over the electoral authorities and undoubted charisma,” wrote analyst Nicholas Watson of the report's most likely scenario.

Parliamentary elections in September showed Venezuelan public opinion split down the middle between Chávez supporters and opponents. Whoever he faces at the ballot in October, it is expected to be a close race.

The opposition coalition will hold primaries next month to select a single candidate who will face Chávez in October.

The latest two opinion polls put the youthful Miranda state governor, Henrique Capriles Radonski, firmly in the lead with between 35% and 55% of votes.