The Parliament has passed The Indian Institute of Petroleum and Energy (IIPE) Bill, 2017 after it was adopted by Rajya Sabha. Lok Sabha already had passed the bill in August 2017. The Bill establishes the IIPE at Vishakhapatnam, Andhra Pradesh as an institution of national importance.
The IIPE aims to provide high quality education and research focussing on all aspects and themes of petroleum, hydrocarbons and energy. It will actively pursue research and development in the fields such as liquefied natural gas, biofuels and renewables.
The bill set ups key authorities for governance and management of IIPE. They are General Council, Board of Governors, Senate; and any other authorities declared by statutes.
The Institute funding includes funds that it receives from central government, fees and money received from any other sources (grants and gifts). Its accounts will be audited by Comptroller and Auditor- General (CAG) of India.
The IIPE is being set up at Visakhapatnam as part of a package promised by the Centre to Andhra Pradesh after Telangana was carved out of it. The institute’s development was envisaged by The Andhra Pradesh Reorganisation Act, 2014 (Telangana), which had divided Andhra Pradesh into two states. Andhra Pradesh Government has provided 200 acre land at Vishakhapatnam and Central government has made a provision of Rs 650 crore for the institute, which was being mentored by IIT, Kharagpur.