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According to Variety, the director has spent six months with the controversial President. He was apparently with Chavez during the hostage rescue involving the militant Columbian FARC group in February.
The documentary will focus on Chavez's "South American revolution" and the opposition to his leadership in Venezuela and abroad.
In particular Stone will look at George W. Bush's administration's relations with Chavez and their "vocal distaste" for his populist socialism.
Stone also confirmed that he is working on another documentary, but denied reports that the subject is Iran's President Mahmoud Ahmandinejad.
The director has previously worked on films about President Nixon, Fidel Castro and most recently George W. Bush in W.
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