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Cabinet nod for setting up Indian Institute of Petroleum and Energy at Visakhapatnam

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The Union Cabinet today gave its approval for the setting up of Indian Institute of Petroleum and Energy (IIPE) at Visakhapatnam in Andhra Pradesh as "an 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 Technology (IITs), an official press release said. 
 
A separate Act will also impart the required status to the institute to become a "Centre of Excellence" in petroleum and energy studies, it said.
 
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 towards the Endowment Fund). 
 
The decision to set up the institute has been taken up under Schedule 13 of the Andhra Pradesh Reorganization Act, 2014. The objective is to meet the quantitative and qualitative gap in the supply of skilled manpower for the petroleum sector and to promote research activities needed for the growth of the sector. The academic and research activities of IIPE will derive strength from the Institute's proximity to sector-related activities such as KG Basin, Visakhapatnam refinery and the planned petrochemical complex at Kakinada. 
 
The Andhra Pradesh Government has allocated 200 acres of land, free of cost, for setting up of IIPE at Sabbavaram in Visakhapatnam district.
 
IIPE has been registered as a society under the AP Society Registration Act, 2001 on April 18, 2016. A temporary campus of IIPE has been set up from academic session 2016-17 from the Andhra University campus with two undergraduate programmes namely, Petroleum Engineering and Chemical Engineering (with capacity of 50 students each). IIT, Kharagpur has taken up the responsibility of mentoring the institute.
 
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