A continous process for converting carbonaceous material contained in one or more feedstocks into a liquid hydrocarbon product, said feedstocks including the carbonaceous material being in a feed mixture including one or more fluids, said fluids including water and further liquid organic compounds at least partly produced by the process, wherein the concentration of said at least one liquid organic compound contained in the feed mixture is at least 10% by weight, where the feed mixture provided contains at least one homogenous catalyst in the form of a compound of potassium and/or sodium of at least 0,5% by weight, the process comprising: - converting at least part of the carbonaceous material by: - pressurising the feed mixture to a pressure in the range 275-350 bar - heating the feed mixture to a temperature in the range 380-430 °C, and - maintaining said pressurized and heated feed mixture in the desired pressure and temperature ranges in a reaction zone for a predefined time; - wherein the pH during said conversion is above 7, preferably in the range 8-12, and more preferably in the range 8-10, where the pH of the feed mixture is measured during and/or after the conversion and when the pH measurement is outside the preferred range, the composition of the feed mixture is altered to correct the pH in the conversion; - first cooling said converted feed mixture at process pressure to a temperature in the range 100-200 °C by exchange with the incoming feed mixture and subsequently expanding said cooled product stream in one or more steps, at least one of said expansion steps comprising an expansion in a flash separator to a pressure in the range 50-70 bar, thereby producing a gas phase and a liquid phase, and subsequently cooling the gas phase in a first condenser to a temperature in the range 35-80 °C and cooling the gas phase from said first condenser to a temperature in the range 12 to 30 °C, thereby producing a condensate comprising liquid CO 2 causing the carbonaceous material to be converted - separating from the liquid phase a fraction comprising liquid hydrocarbon product. - converting at least part of the carbonaceous material by: - pressurising the feed mixture to a pressure in the range 275-350 bar - heating the feed mixture to a temperature in the range 380-430 °C, and - maintaining said pressurized and heated feed mixture in the desired pressure and temperature ranges in a reaction zone for a predefined time; - wherein the pH during said conversion is above 7, preferably in the range 8-12, and more preferably in the range 8-10, where the pH of the feed mixture is measured during and/or after the conversion and when the pH measurement is outside the preferred range, the composition of the feed mixture is altered to correct the pH in the conversion; - first cooling said converted feed mixture at process pressure to a temperature in the range 100-200 °C by exchange with the incoming feed mixture and subsequently expanding said cooled product stream in one or more steps, at least one of said expansion steps comprising an expansion in a flash separator to a pressure in the range 50-70 bar, thereby producing a gas phase and a liquid phase, and subsequently cooling the gas phase in a first condenser to a temperature in the range 35-80 °C and cooling the gas phase from said first condenser to a temperature in the range 12 to 30 °C, thereby producing a condensate comprising liquid CO 2 causing the carbonaceous material to be converted - pressurising the feed mixture to a pressure in the range 275-350 bar - heating the feed mixture to a temperature in the range 380-430 °C, and - maintaining said pressurized and heated feed mixture in the desired pressure and temperature ranges in a reaction zone for a predefined time; - wherein the pH during said conversion is above 7, preferably in the range 8-12, and more preferably in the range 8-10, where the pH of the feed mixture is measured during and/or after the conversion and when the pH measurement is outside the preferred range, the composition of the feed mixture is altered to correct the pH in the conversion; - first cooling said converted feed mixture at process pressure to a temperature in the range 100-200 °C by exchange with the incoming feed mixture and subsequently expanding said cooled product stream in one or more steps, at least one of said expansion steps comprising an expansion in a flash separator to a pressure in the range 50-70 bar, thereby producing a gas phase and a liquid phase, and subsequently cooling the gas phase in a first condenser to a temperature in the range 35-80 °C and cooling the gas phase from said first condenser to a - separating from the liquid phase a fraction comprising liquid hydrocarbon product.