Mexico City, Sep 29 (IANS/RIA Novosti): Venezuela launched its second ever satellite into space Saturday, according to the Venezuelan media.

The satellite, named "Miranda", was launched from and made in China, and cost approximately $140 million.

The new unit will allow Venezuela to key an eye, 24 hours a day, over its entire territory and update maps every 40 days.

According to Minister of Science, Technology and Innovation Jorge Arreaza, "Miranda" will deliver about 350 pictures daily - or nearly 128,000 per year.

The pictures will reportedly help authorities track various natural phenomena.

The satellite will be in orbit about 640 km above the earth.

"Miranda" is named after Francisco de Miranda, a prominent leader of the South American Spanish colonies' struggle for independence. He is a national hero in Venezuela and the creator of its flag.

Venezuela's first satellite, Simon Bolivar, was launched in 2008 and was also named after a famous South American freedom fighter.