Process for the conversion of hydrocarbons to ethanol and optionally acetic acid by converting hydrocarbon in a syngas reactor into a stream A comprising a mixture of carbon oxide(s) and hydrogen preferably having a H2/CO molar ratio between 1.5 and 2.5, converting at least part of stream A in the presence of a particulate catalyst in a reactor under a temperature between 150 and 400° C. and a pressure of 5 to 200 bar, into a C2-oxygenates stream B, where stream B includes water, alkanes, ethanol, acetaldehyde, ethyl acetate and acetic acid, which together represent least 80% by weight of the products obtained from the C2-oxygenates conversion reactor. The C2-oxygenates stream B is separated into a stream C comprising H2, CO, CO2 and alkanes, and a stream D including 15 to 40 wt % of acetic acid, 10 to 40 wt % of acetaldehyde and 15 to 40 wt % of ethanol. At least part of stream D is hydrogenated in a hydrogenation reactor into an ethanol stream E, and stream E is subjected to a separating step, followed by recovery of ethanol.