The Indian Institute of Petroleum and Energy Bill 2017, introduced on July 18, 2017 by the Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan in the Lok Sabha, was passed by Parliament and received Presidential assent on January 5, 2018.
The Act is for establishing the Indian Institute of Petroleum and Energy (IIPE) at Vishakhapatnam in Andhra Pradesh to impart high quality education and conduct research in the field of conventional hydrocarbons covering all its aspects. It would actively engage in pursuing research and development in the fields such as liquefied natural gas, biofuels and renewable.
The Act provides for setting up of key authorities for governance and management at IIPE.
The source of funding for the institute includes funds that it receives from the central government, fees and money received from any other sources (grants and gifts). Its accounts will be audited by the Comptroller and Auditor (CAG) of India.