Johnson pulls the plug on oil deal with Venezuela

28 May 2008

The ‘oil for advice’ agreement between London and Venezuela’s state-owned oil company will not be renewed when it concludes this summer, the mayor, Boris Johnson has announced.

As a result, Londoners on income support will no longer be entitled to half-price bus and tram fares under the terms of the scheme, although the Johnson pledged to honour applications in the usual way until the agreement came to an end on 20 August.

The office set up in Caracas to oversee the deal will be closed, saving an estimated £67,000 a year in running and staff costs, with work to shut down the operation having already started.

Under the agreement, the Greater London Authority and Transport for London provided advice and technical expertise in areas of city management, such as public transport and planning, in exchange for a 20% reduction in the price of fuel for the capital’s bus fleet.

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