The invention relates to a process for the conversion of hydrogen and one or more oxides of carbon to hydrocarbons, which process comprises: contacting hydrogen and one or more oxides of carbon with a catalyst in a reactionzone; removing from the reaction zone an outlet stream comprising unreacted hydrogen,unreacted one or more oxides of carbon and one or more hydrocarbons and feeding theoutlet stream to a separation zone in which the outlet stream is divided into at least threefractions, in which; a first fraction predominantly comprises unreacted hydrogen, unreacted one or moreoxides of carbon and hydrocarbons having from 1 to 4 carbon atoms; a second fraction predominantly comprises hydrocarbons having 5 to 9 carbonatoms, at least a portion of which hydrocarbons having from 5 to 9 carbon atoms are olefinic; and a third fraction predominantly comprises hydrocarbons having 10 or more carbonatoms; characterised in that at least a portion of the second fraction is recycled to the reaction zone.