Andhra Pradesh Government has allocated 200 acres of land, free of cost, for setting up of IIPE at Sabbavaram Mandal in Visakhapatnam district. IIPE has been registered as a Society under the AP Society Registration Act, 2001 on April 18, 2016.
The cabinet meeting has 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).
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, said a statement from Union Government.
IIT Kharagpur has taken up the responsibility of mentoring the Institute.
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