NOVELTY - Liquid and gaseous products are produced from gaseous reactants by allowing the gaseous reactants and recycled gas to react with per pass carbon monoxide and hydrogen conversion of greater than or equal to60% as they pass upwardly through a slurry bed at a gas velocity of greater than or equal to35 cm/s to form liquid and gaseous products.    USE - For producing liquid and gaseous products (e.g. C3+ hydrocarbons and oxygenates, i.e. ethanol) from gaseous reactants.    ADVANTAGE - The inventive process provides high production rate and allows syngas conversions in excess of 80% by using the gas recycle, which provides cost savings and at superficial gas velocity in the bottom of a reactor (12) in excess of 35 cm/s.    DETAILED DESCRIPTION - Production of liquid and gaseous products from gaseous reactants involves feeding, at a low level, a gaseous reactants feed comprising carbon monoxide (CO) and/or hydrogen (H2) into an expanded slurry bed of solid non-shifting hydrocarbon synthesis catalyst particles suspended in a suspension liquid. The slurry bed is contained in a vessel and the expanded slurry bed has an aspect ratio of less than 5. A recycle gas stream is optionally fed into the slurry bed. The gaseous reactants and any recycled gas are allowed to react with a per pass CO and H2 conversion of greater than or equal to60% as they pass upwardly through the slurry bed at a gas velocity of greater than or equal to35 cm/s to form liquid and optionally, gaseous products and with the gaseous reactants and any recycled gas and gaseous product assisting in maintaining the solid catalyst particles in suspension in the suspension liquid. The liquid product forms together with the suspension liquid, a liquid phase of the slurry bed. Any gaseous product, unreacted gaseous reactants, and any unreacted recycled gas are allowed to disengage from the slurry bed as gaseous components into a head space above the slurry bed. The gaseous components are withdrawn from the head space. Liquid phase is withdrawn from the slurry bed to maintain the slurry bed at a desired level. Some of the gaseous components from the head space are optionally recycled to provide the recycle gas stream.    DESCRIPTION OF DRAWING(S) - The figure shows a longitudinal sectional view of an installation used in the above process.    Reactor (12)    Cooling pipes (39)    Recycle gas stream inlet (52)    Separation unit (54)    Liquid product line (60)