The explosion took place at around 8:50 PM local time in Huantai County, triggering a fire, according to the sources.
A total of 150 firefighters from the city's fire brigade were battling the blaze and more firefighters from neighboring cities were rushed to the scene, the report said.
No casualties have been reported, state-run Xinhua news agency reported.
According to the report, the plant produces chemicals, such as adiponitrile, a colorless liquid that can burn when encountering with fire.
Tonight's explosion followed massive blasts at a warehouse in Tianjin port on August 12 which stored about 3,000 tonnes of chemicals. 121 people were killed in that explosion.
More than 700 people were injured in the accident which raised spectre of chemical contamination of air and water sources in the city.