Govt to open petroleum institute in Sultanpur
The proposed expenditure for the 12-year project period (2007-19) is to the tune of Rs 810 crore, report Deepak Joshi and M Rajendran.india Updated: Dec 27, 2006 19:29 IST
The government is planning to open Rajiv Gandhi Institute of Petroleum Technology in Sultanpur district of Uttar Pradesh to train personnel for the growing requirements of the hydrocarbon sector. The institute will be incorporated as an 'institution of national importance' through an Act of Parliament having a governance structure as well as legal empowerment to grant degrees in a manner similar to that enjoyed by the Indian Institute Technology.
The proposed expenditure for the 12-year project period (2007-19) is to the tune of Rs 810 crore.
The capital expenditure for the project is envisaged to be Rs 515 crore and the recurring expenditure will be Rs 295 crore. Out of Rs 515 crore earmarked for capital expenditure, Rs 365 crore will be met from budgetary support during the 11th and 12th Plan. The remaining Rs 150 crore for capital expenditure in the first two initial years (2007-09) would be borne by the Oil India Development Board (OIDB).
The estimated recurring expenditure of Rs 295 crore is proposed to be met from endowment fund of Rs 250 crore to be created through the contribution of oil public sector undertakings. The remaining Rs 45 crore would be raised through student fees, donations and other earnings of the institute through research and development, consultancies, students' placement fees, etc.
"RGIPT is envisage to serve as the fountain-head for nurturing of world class human capital capable of serving as the leaders and innovators of tomorrow in the broad field of petroleum technology and engineering covering the entire hydrocarbons value chain," says a Cabinet note prepared on the issue.
The institute would commence its academic operations by admitting students in basic undergraduate courses in the academic year 2008-09 from a rented campus. Simultaneously, infrastructure development commensurate with the intake of students will be undertaken in a phased manner to be completed by 2014-15 when the institute is expected to be fully operational.
First Published: Dec 27, 2006 19:29 IST