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, where the concentration of said at least one liquid organic compound is at least 10% by weight, where the feed mixture provided contains at least one homogeneous catalyst in the form of a compound of potassium and/or sodium so as to ensure a total concentration of potassium and 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 to 12, an more preferably 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; - cooling the feed mixture and - expanding the feed mixture, thereby causing the carbonaceous material to be converted to a liquid hydrocarbon product; - wherein said steps of expanding and cooling comprises first cooling said converted feed mixture at process pressure to a temperature in the range 100-200 °C by heat 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 to 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 to 80 °C, and cooling the gas phase from said first condenser to a temperature in the range 12-30 °C, thereby producing a condensate comprising liquid CO 2 - separating a fraction comprising liquid hydrocarbon product, and leaving a residual fraction; - feeding said residual fraction into a bioreactor for the production of biomass such as algae and/or bacteria such as cyano bacteria; wherein at least part of the liquid CO 2 recovered is fed into the bioreactor and wherein said algae and/or bacteria in a recovery step are concentrated and recycled to the feed mixture. - 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 to 12, an more preferably 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; - cooling the feed mixture and - expanding the feed mixture, thereby causing the carbonaceous material to be converted to a liquid hydrocarbon product; - wherein said steps of expanding and cooling comprises first cooling said converted feed mixture at process pressure to a temperature in the range 100-200 °C by heat 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 to 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 to 80 °C, and cooling the gas phase from said first condenser to a temperature in the range 12-30 °C, thereby producing a condensate comprising liquid CO 2 - separating a fraction comprising liquid hydrocarbon product, and leaving a residual fraction; - feeding said residual fraction into a bioreactor for the production of biomass such as algae and/or bacteria such as cyano bacteria; wherein at least part of the liquid CO 2 recovered is fed into the bioreactor and wherein said algae and/or bacteria in a recovery step are concentrated and recycled to the feed mixture.