The Venezuelan government made the agreement with London Mayor Ken Livingstone last February after Venezuelan President Chavez suggested the idea during a visit to London in 2006. The deal will provide London buses with a 20% discount on fuel from Venezuela. At the same time, London will open an office in Caracas to provide Venezuela with advice and technical expertise on tourism, public transport, urban-planning, and the protection of the environment, fields in which London is a world leader.
The discount will reduce the city's annual fuel bill of about £65 million ($138.4 million) by up to £14 million ($29.8 million), said a spokesman for the mayor. Those to benefit from the lower bus-fares will be single parents, long-term sick, disabled and others on income support.
"We want to target the very poorest Londoners," said Livingston to reporters. "From today, all Londoners on Income Support are eligible for half price travel on London buses. This will make it cheaper and easier for people to go about their lives and get the most out of London."
The mayor said that the reduced fares would offer savings of as much as £280 ($596) a year per person. And Livingston assured that Venezuela will benefit from the deal as well.
This is of course great news; Venezuela is the leading example of the people taking power into their own hands in the world today. Building connections with the workers throughout the rest of the world is essential.