The storage facility was located in Chernihiv, 76 kms (109 miles) east of the Ukrainian capital Kiev.
A statement by the emergency services reads: “About 10,000 people were evacuated.
“From 04:22 am (02.22 BST) the airspace within a radius of 20 km has been closed.
“The movement of rail and road transport is suspended.”
There have been no reports of any casualties at this stage.
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It is also not clear whether the explosions were an accident or a sabotage.
According to reports on social media, the powerful explosions smashed doors and windows in nearby areas.
Pictures emerged showing the night sky lit up by the bright explosions.