Explanation:

Recently, Central Institute of Plastics Engineering & Technology (CIPET) has been renamed as Central Institute of Petrochemicals Engineering & Technology (CIPET). The changed name has been registered under the Tamil Nadu Societies Registration Act 1975. According to government, with changed name, now CIPET will be in a position to fully devote itself for the growth of entire petrochemical sector. CIPET is a premier national institution under the Union Ministry of Chemicals and Fertilizers. It was established in 1968 by Government of India with the assistance of United Nations Development Programme (UNDP) at Chennai. Hence both statements are correct.