A process for the preparation of hydrocarbon products and for the generation of power comprising the steps of (a) providing a synthesis gas having a hydrogen to carbon monoxide ratio of between 0.1 and 1; (b) contacting the synthesis gas with one or more catalysts which together catalyse a reaction of hydrogen and carbon monoxide to oxygenates comprising methanol and dimethyl ether with a dimethyl ether to methanol ratio of higher than 2 and a carbon dioxide content of above 20 mole %; (c) contacting the carbon dioxide containing oxygenate mixture at an inlet temperature of between 240 and 4000 C with a catalyst being active in the conversion of oxygenate to higher hydrocarbons and a tail gas being rich in carbon dioxide; (d) combusting the carbon dioxide rich tail gas, optionally admixed with fresh carbon monoxide rich synthesis gas in a gas turbine combustion chamber to flue gas; and (e) expanding the flue gas stream through a gas turbine for the generation of power.