The present invention relates to a process for the producing propylene and ethylene from a light hydrocarbon stream comprising essentially ethane and butane. The process involves a non-catalytic cracking of ethane and normal-butane followed by a metathesis of ethylene and 2-butene to increase the propylene yield. Optionally the by-produced iso-butane is dehydrogenated and subsequently the produced iso-butene is converted to other valuable products like di-isobutylene, alkylate for gasoline blending tertiary-butyl-ethers, poly-isobutylene methyl-metacrylate or isoprene.