The union government has introduced the Indian Institute of Petroleum and Energy Bill 2017 to establish the Indian Institute of Petroleum and Energy in Vishakhapatnam as an institution of national importance.
The Bill was introduced in the Lok Sabha by Minister of State (Independent Charge) for Petroleum and Natural Gas, Dharmendra Pradhan.
The establishment of the institute will require total capital expenditure of ₹ 655.46 crore and an endowment fund of ₹ 400 crore.
The budgetary support for capital expenditure has been spread out till 2022-2023 and was scheduled to begin from 2016-2017.
The bill seeks to promote education and research in the area of petroleum, hydrocarbons and energy.
Promotion of research and development for the benefit of oil, gas, petrochemical industry and the energy sector has also been identified as a focus area for the institution.