Lukoil’s Neftochim refinery in Bulgaria has invested $1.5 billion in a large hydrocracking catalyst installation to process petroleum waste – worth about 10% of Lukoil’s next decade of investment projects. The cash goes to Italian company Technip for engineering, procurement and construction. Lukoil has also announced a $1.3 investment package for the Trebs and Titov fields. Together with a consortium of Russian companies, Petroleos de Venezuela (PDVSA) has started drilling its first oil well in the Orinoco crude belt. Tokyo Electric Power Co, or Tepco, the owner of the Fukushima nuclear power reactor, is to receive a $13 billion bailout in a government takeover. Iraq’s oil law continues to be delayed due to political crises, and may not be established this year. U.S. President Obama has unveiled several measures for boosting natural gas demand.