A process for integrated liquefaction of natural gas and recovery of natural gas liquids, said process comprising: cooling a feed stream containing light hydrocarbons in one or more heat exchangers (2, 60, 61), wherein said feed stream is cooled and partially condensed by indirect heat exchange; introducing the partially condensed feed stream into a gas/liquid cold separator producing an overhead gaseous stream and bottoms liquid stream which are to be introduced into a fractionation system, said fractionation system comprising a demethanizer column; expanding at least a portion of the overhead gaseous stream from the gas/liquid cold separator and introducing said expanded overhead gaseous stream into an upper region of said demethanizer column; introducing at least a portion of the bottoms liquid stream from said gas/liquid cold separator into said demethanizer column at an intermediate point thereof; removing a liquid product stream from the bottom of said demethanizer column; and removing an overhead gaseous stream from the top of said demethanizer column, characterized in that: said process further comprises subjecting a first portion of the overhead gaseous stream from said demethanizer column to indirect heat exchange with a stream obtained by combining a portion of the overhead gaseous stream from said gas/liquid cold separator and a portion of said bottoms liquid stream from said gas/liquid cold separator; removing a second portion of the overhead gaseous stream from the demethanizer column, and partially liquefying said second portion of the overhead gaseous stream by heat exchange; introducing the partially liquefied second portion of the overhead gaseous stream into a further separation means, recovering liquid product from said further separation means and introducing the recovered liquid product into said demethanizer column as a liquid reflux stream, and recovering an overhead vapor stream from said further separation means, subjecting said overhead vapor stream from said further separation means to indirect heat exchange for additional cooling and partial condensation, and removing the resultant condensate from said partial condensation as liquefied natural gas product. cooling a feed stream containing light hydrocarbons in one or more heat exchangers (2, 60, 61), wherein said feed stream is cooled and partially condensed by indirect heat exchange; introducing the partially condensed feed stream into a gas/liquid cold separator producing an overhead gaseous stream and bottoms liquid stream which are to be introduced into a fractionation system, said fractionation system comprising a demethanizer column; expanding at least a portion of the overhead gaseous stream from the gas/liquid cold separator and introducing said expanded overhead gaseous stream into an upper region of said demethanizer column; introducing at least a portion of the bottoms liquid stream from said gas/liquid cold separator into said demethanizer column at an intermediate point thereof; removing a liquid product stream from the bottom of said demethanizer column; and removing an overhead gaseous stream from the top of said demethanizer column, characterized in that: said process further comprises subjecting a first portion of the overhead gaseous stream from said demethanizer column to indirect heat exchange with a stream obtained by combining a portion of the overhead gaseous stream from said gas/liquid cold separator and a portion of said bottoms liquid stream from said gas/liquid cold separator; removing a second portion of the overhead gaseous stream from the demethanizer column, and partially liquefying said second portion of the overhead gaseous stream by heat exchange; introducing the partially liquefied second portion of the overhead gaseous stream into a further separation means, recovering liquid product from said further separation means and introducing the recovered liquid product into said demethanizer column as a liquid reflux stream, and recovering an overhead vapor stream from said further separation means, subjecting said overhead vapor stream from said further separation means to indirect heat exchange for additional cooling and partial condensation, and removing the resultant condensate from said partial condensation as liquefied natural gas product.