A mobile phone, named C366, swept Venezuela into a mass hysteria with a price, believed to be cheapest in the world, matched with features of that of costlier phones.

Also referred to as El Vergatario, a Venezuelan slang for the male genital, was produced by Vetelca, a JV between Venezuela''s state-run cellphone company Movilnet and ZTE Corporation.

Priced at $15, the mobile device has been endorsed by President Hugo Chavez as the country’s cheapest phone.

While describing the model as “light, beautiful, good and cheap”, Mr. Chavez added, “This telephone will be the biggest seller not only in Venezuela but the world. Whoever doesn't have a Vergatario is nothing.”

Other features of the phone include camera, WAP, MP3 player, games, a calculator and an address book.

“It is science and technology at the service of the people not the elites ... the day will arrive when we manufacture phones for Cuba and Latin Americ,” he added.

The total production of the device for the year has been set at 600,000, rising to 2 million in 2011, when the government hopes to export the model to the Caribbean and then further.

The first 10,000 units of the phone had already been sold out and the next 10,000 will be on the floor by May 13, said Yaqueline Farias, Psresident of Movilnet

However, the mobile phone has received lots of flakes for the choice of the name.