Mumbai, Sept. 22: State-owned Hindustan Petroleum Corporation Ltd (HPCL) plans to spend Rs 3,000 crore this year to revamp its refineries.

Most of the money will be spent on its greenfield refinery at Bhatinda and expanding capacity at its plant in Visakhapatnam, HPCL chairman and managing director Arun Balakrishnan told reporters here today after the annual general meeting.

The nine-million-tonne-a-year Bhatinda refinery is likely to be commissioned by March 2011.

HPCL and Mittal Energy hold 49 per cent each in the Bhatinda project. Financial institutions hold the rest.

The refinery is expected to help HPCL reduce its dependence on imports. The oil refineries have a total crude refining capacity of 17 million tonnes.

The company’s borrowings, primarily on account of crude purchase, at the end of the June quarter were around Rs 19,000 crore, up from Rs 16,000 crore in March.