Caracas, Venezuela ? A candidate challenging Venezuelan leader Hugo Chavez for the presidency said his top campaign issue will be what he calls a massive waste of billions of dollars through generous oil deals for friendly countries.

Chavez, leading strongly in the polls, denied the accusations by candidate Julio Borges on Tuesday night, expressing confidence in an easy re-election victory in December.

Borges said earlier Tuesday that his party, Justice First, calculates Chavez’s government has committed more than $16 billion to unprofitable international oil deals or humanitarian donations.

“We aren’t giving gifts to anyone,” Chavez insisted in a speech. He argued the oil is sold at market prices, though with special financing arrangements.

Borges’ Web site alleges that Chavez has “given away” more than $5 billion to Cuba, ranging from an electricity project to oil sales exchanged partially for the services of thousands of Cuban doctors.