Rescuers have so far retrieved seven bodies, state-run Xinhua news agency reported.
The explosion set ablaze several fuel storage tanks at the site in the Lingang Economic Zone in the Linyi city. The fire had been put out with secondary disasters unlikely.
Nine people were injured after a liquefied gas tanker exploded in the early hours causing the fire in the loading area of Linyi Jinyu Petrochemical Company.
The injured were not in critical condition, according to the rescuers.
More than 900 firefighters and over 170 fire engines were mobilised to extinguish the flames. People in nearby villages and plants were evacuated.
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