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The storage facility was located in Chernihiv, 76 km east of Kiev, the Ukrainian capital.
A statement from the emergency services reads as follows: "About 10,000 people have been evacuated.
"From 04:22 (02:22 BST), the airspace within a radius of 20 km was closed.
"The movement of rail and road transport is suspended."
No casualties have been reported at this stage.
It is also difficult to know if the explosions were an accident or a sabotage.
According to reports on social media, powerful explosions broke doors and windows in neighboring areas.
Images appeared showing the night sky lit by the bright explosions.
