Venezuela is considering a request from oil companies to cut taxes as a way of coping with a crash in prices and encouraging investments, according to an industry association official with direct knowledge on the matter. The proposal is to lower royalties and extraction taxes to 20 percent from 30 percent, said the official from hydrocarbon association AVHI, who attended meetings with authorities last week and asked not to be named in line with AVHI policy. Facing a shortage of dollars for servicing debt after oil fell 46 percent in the past six months, Venezuela is looking at ways to attract more investment from the national oil company’s joint venture partners. Private companies have held back investments amid currency controls, surging inflation and late payments. Oil accounts for 96 percent of Venezuelan exports. Venezuela’s Information Ministry didn’t respond to e-mails seeking comment on the proposal. The press […]