TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The inorganic particulate material comprises a catalytic material, which is zeolites, clays, hydrotalcites and hydrotalcite-like materials, refractory oxides such as alumina, silica-alumina, zirconia and/or earth alkaline alkali metal hydroxides and its salts or mixtures.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The particle size of the biomass material is 50-5000 microns. The fluidizable inorganic particulate material has a particle size of 10-200 microns. The biomass material is of aquatic origin. The biomass material is a lignocellulosic biomass material. The biomass material is a mixture of biomass solids and biomass liquids. The biomass material is mixed with municipal waste containing natural and synthetic polymers. The biomass material has a moisture content of less than 50 wt.%, preferably less than 10 wt.%. The catalytic material comprises an alkali metal carbonate and a hydroxide of an earth alkaline metal or aluminum. The mixture of (c) has a weight ratio of biomass material to inorganic particulate material of 1:50-50:1 or 80:20- 20:80. Preferred Process: The step (d) is carried out at a temperature below 200 degrees C, preferably below 100 degrees C. The biomass material becomes coated onto the particulate inorganic material during step (d). The step (d) is performed in a fast fluidized bed at catalyst flow velocities of at least 0.5 m/second, preferably 1 m/second, or step (d) is performed in a catalyst riser or downer at catalyst flow velocities of at least 2 m/second, preferably higher than 10 m/second. The process further comprises (e) subjecting the mixture obtained in step (d) to a fluid cracking process at a temperature above 200 degrees C, or subjecting the mixture obtained in step (d) to a hydro treatment and/or conversion process at a temperature above 200 degrees C, preferably 100 degrees C. The step (e) is carried out at 200-450 degrees C, preferably 200-400 degrees C. The hydrothermal conversion process is carried out at a temperature above 200 degrees C. The step (b) is performed by milling the biomass in a fluidized or moving bed with inorganic material. In step (b) a fluidizable biomass is produced.