Newfoundland and Labrador Premier Kathy Dunderdale is concerned about reports that the Come By Chance oil refinery may be up for sale. 

The Wall Street Journal reported this week that the refinery's Korean parent company, Korea National Oil Corp., is looking to unload its Canadian assets.

Dunderdale said she's worried about the impact the sale could have on the province's economy.

"That refinery is really important to us," said Dunderdale. 

"It provides great employment to people in the region, it's very important to them, it's a good employer. So, it wouldn't be a good thing to lose it." 

The premier said the province is limited in what it can do.

"These are private sector companies, we can only monitor and engage to the degree that they will allow us ... but we're watching very carefully what's happening in Come By Chance." 

Meanwhile, the company said it's trying to improve its financial situation, having lost a reported $720 million in 2012. 

Korea National Oil Corp. has three oil and gas fields in western and central Canada in addition to the Come By Chance refinery.