A gaseous mixture of carbon monoxide and hydrogen is passed in contact over a first catalyst bed comprising an iron or cobalt containing Fischer-Tropsch catalyst in combination with a crystalline aluminosilicate of the class of crystalline zeolite represented by ZSM-5 so as to obtain a liquid hydrocarbon product having a boiling range of less than 400.degree. F. at a 90% overhead and being a predominantly olefinic product. The total products from said contact including said liquid hydrocarbon product are then converted over a second catalyst bed containing HZSM-5 to obtain a highly aromatic product, i.e., greater than 20 weight percent.