A process for producing normally liquid hydrocarbon products from a hydrocarbonaceous feedstock, especially from normally gaseous hydrocarbon feed, having the following steps: (a) partial oxidation of the normally gaseous hydrocarbon feed at elevated pressure using air or oxygen enriched air as oxidant, to obtain a syngas mixture having hydrogen, carbon monoxide and nitrogen; (b) converting hydrogen and carbon monoxide obtained in step (a) into a normally liquid hydrocarbon product and a normally gaseous hydrocarbon product; (c) separating from the reaction mixture obtained in step (b) an off-gas mixture having nitrogen, normally gaseous hydrocarbon product, and unconverted hydrogen, carbon monoxide and normally gaseous hydrocarbon feed, insofar as such unconverted components are present; (d) combusting at least a part of the off-gas mixture in a steam raising apparatus, producing steam of an elevated pressure; and (e) expanding the steam produced in step (d) for compressing the air or oxygen enriched air and/or the normally gaseous hydrocarbon feed used in step (a); and a plant having equipment in a line-up suitable for carrying out the process.