The Union Cabinet has approved setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam, Andhra Pradesh as Institute of National Importance through an Act of Parliament.
The Institute will have the governance structure as well as legal mandate to grant degrees in a manner similar to that enjoyed by Indian Institutes of Technologies (IITs).
- The enactment of separate Act will impart the required status to the IIPE to become a “Centre of Excellence” in petroleum and energy studies.
- The Cabinet also approved Rs 655.46 crore as capital expenditure to set up IIPE and contribution of Rs 200 crore towards its Endowment Fund (in addition to a contribution of Rs 200 crore from Oil Companies).
- The objective of setting up IIPE is to meet the quantitative and qualitative gap in the supply of skilled manpower for petroleum sector and promote research activities needed for the growth of the sector.
- IIPE’s academic and research activities will derive strength from proximity to sector-related activities such as Visakhapatnam refinery, KG-Basin and the planned Petrochemical complex at Kakinada.
The IIPE will be set up in Andhra Pradesh as per the commitment under the 13 Schedule of Andhra Pradesh Reorganization Act, 2014. In this regard, Andhra Pradesh Government has allocated 200 acres of land, free of cost, for setting up the institute at Sabbavaram Mandal in Visakhapatnam district. IIPE has been registered as a Society under the AP Society Registration Act, 2001 in April 2016. Its temporary campus has been set up at the Andhra University Campus for academic session 2016-17 with two undergraduate programmes namely, Petroleum Engineering and Chemical Engineering. The responsibility of mentoring the institute was taken by IIT, Kharagpur.