Revealed: How overthrown Venezuelan president Maduro helped strike deal that gave Londoners cheap bus fares

"The deal involved Venezuela offering London cut-price oil to fuel the capital's bus fleet in return for expert advice from Transport for London executives on how to improve the transport system in Caracas. Completely Caracas': How Boris Johnson described Ken Livingstone's oil deal Venezuelan president Hugo Chavez But a deal was finally unveiled in February 2007, offering a 20 per cent reduction in the cost of oil, and the cheap fares initiative came into effect in August 2007."

"No Venezuelan oil ever made it into the diesel tanks of the London bus fleet there were suggestions from the then TfL commissioner Peter, now Lord, Hendy, that it was the wrong type of oil but the deal effectively subsidised the cost of running the capital's buses by 16 million a year. This money was used to fund half-price bus and tram travel for 250,000 Londoners receiving income support, though only about 160,000 are though to have applied for the concessionary fares that saved them up to 280 a year."

Venezuela offered London discounted oil to fuel the capital's buses in return for Transport for London expertise on improving Caracas's transport system. A deal was unveiled in February 2007 offering a 20 per cent reduction in oil cost and a cheap fares initiative began in August 2007. No Venezuelan oil ultimately entered London buses amid concerns about oil type, but the arrangement subsidised bus operations by 16 million pounds a year. The subsidy funded half-price bus and tram travel for 250,000 income support recipients, with around 160,000 applying and saving up to 280 pounds annually. Venezuelan and London officials described the arrangement as mutually beneficial and aimed at promoting solidarity and poverty reduction.

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