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Mayor to sign Venezuela oil deal Mayor signs Venezuelan oil deal
(about 4 hours later)
Ken Livingstone is to sign an oil deal with Venezuela - providing cheap fuel for London's buses and giving cut price travel for those on benefits. Ken Livingstone has signed an oil deal with Venezuela - providing cheap fuel for London's buses and giving cut price travel for those on benefits.
The mayor of London says the agreement will help provide half-price bus and tram travel to some 250,000 Londoners on income support. The mayor of London said the agreement will help provide half-price bus and tram travel to some 250,000 Londoners on income support.
The deal follows discussions between Mr Livingstone and Venezuelan President Hugo Chavez.The deal follows discussions between Mr Livingstone and Venezuelan President Hugo Chavez.
Mr Livingstone will sign the deal at a ceremony in City Hall. Mr Livingstone signed the deal at a ceremony in City Hall.
Representatives of the Venezuelan government and the oil company PDVE will be at the ceremony. Representatives of the Venezuelan government and the oil company PDVE were at the ceremony.
Political opponents of the mayor criticised the proposed deal when it was raised last year. "Third-rate dictator"
They argued that a valuable asset was being "siphoned" from people who struggle below the poverty line to provide cheap fuel for one of the world's most prosperous cities. "This agreement will benefit up to a quarter of a million of the lowest income Londoners," Mr Livingstone said.
"Those on income support will be eligible to receive half price bus and tram travel - a benefit worth at least £280-a-year."
In return, a team of officials from the Greater London Authority will work in Venezuela advising on recycling, waste management, traffic and on reducing carbon emissions.
But Richard Barnes, deputy leader of the London Assembly Conservatives, attacked the deal.
"Why does London, one of the richest capitals in the world, need to exploit a developing nation? This money would be better directed at the poor of Venezuela," he said.
"London should not be doing business with third-rate South American dictators with an appalling human rights and democratic record."
Venezuela has the largest oil reserves in the Americas, and its socialist president is the Bush administration's fiercest critic in Latin America.Venezuela has the largest oil reserves in the Americas, and its socialist president is the Bush administration's fiercest critic in Latin America.
But in November 2005, it signed a deal with the US state of Massachusetts to provide cheap heating oil to poor households. Similar deals were also signed in Boston and New York.But in November 2005, it signed a deal with the US state of Massachusetts to provide cheap heating oil to poor households. Similar deals were also signed in Boston and New York.