The Union Cabinet has given approval for setting up of Indian Institute of Petroleum and Energy (IIPE) in Visakhapatnam as ‘an institute of national importance’ through an Act of Parliament.The institute would have the similar aspects like IITs.
For setting up this ,The Cabinet has approved Rs 655.46 crore capital 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).
As committed under the 13 Schedule of Andhra Pradesh Reorganization Act, 2014, it has been decided to set up this Institute. 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.
Government of A.P allocated 200 acres of land, free of cost, for setting up of IIPE at Sabbavaram Mandal in Visakhapatnam district. A temporary campus of IIPE has been set up from academic session 2016-17 from the Andhra University Campus with two undergraduate programs. IIT, Kharagpur will take the responsibility of mentoring the institute.