The fuel tanks which were totally destroyed belonged to Brian Gamell a 53-year-old businessman who also owned the land in which the bond was kept.
According to police information, Gamell secured his fuel bond at around 20:00 hrs last evening, in the open spaced area and went home.
He reportedly resides directly opposite the bond, some 200ft away.
Gamell was reportedly woke up at around 04:00 hrs this morning to the sounds of a man talking loudly nearby – in the vicinity of the bond.
However, the elderly man paid no mind and went back to sleep.
Half an hour later, sounds of explosion emanated from the bond and the businessman said that upon looking out, he noticed the wooden structure was on fire.
The fire spread quickly resulting in a motor lorry which was parked nearby being burnt as well.
The exact value of losses has not yet been determined, however it is said to be millions.