Venezuela's President Hugo Chavez has dubbed the very first bike produced at a joint Iranian-Venezuelan factory 'the atomic bicycle'.

The US claims that the factory Iran is building for Venezuela in the state of Cojedes is a nuclear plant and not a bicycle factory, said Chavez at the factory's inauguration ceremony.

Therefore, we will name its first production 'the atomic bicycle', he added.

"What a bicycle! This Atomic bicycle.. does it have brakes?" joked Chavez while cycling around during the television program Alo Mr President!

During the program, Chavez had a live connection with the factory to show the audience the bicycles built in the factory, and then he offered one of them to the US President George Bush.

"My dear friend, president of the United States, I offer you this bicycle, see the bomb. See it... you think that is a bottle of water, no, that's the bomb. We have painted it with ADECO color," Chavez said, referring to the name of the opposition party.

"Well, this bicycle, with the Atomic bomb included, the Atomic bomb, you can have it for 183 bolivares," he added.

Iran's Ambassador to Venezuela Abdullah Zifan was also present at the ceremony, where he reaffirmed Tehran's interest in taking part in joint business ventures with Caracas.