TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The dispersion further comprises at least one catalyst, where the catalyst comprises ruthenium.    TECHNOLOGY FOCUS - INSTRUMENTATION AND TESTING - Preferred Components: The average bubble diameter of the light gas bubbles in the dispersion is 0.1-1.5 micron. The high shear forces are produced with at least one high shear device comprising at least one generator comprising a stator and a complementary rotor. The step of forming the dispersion comprises a tip speed of the rotor of greater than 5 m/second (1000 ft/minutes). The high shear device produces a local pressure of at least 1034.2 MPa (150000 psi) at the tip of the rotor during formation of the dispersion. The energy expenditure of the high shear device is greater than 1000 W/m3 during formation of the dispersion. The method further comprises: introducing the dispersion into a fixed bed reactor comprising a bed of catalyst; and separating the reactor product into a gas stream and a liquid product stream comprising liquid product, and recycling at least a portion of the gas stream to the external high shear device. The system further comprises a reactor disposed between the high shear mixing device and the pump, where the reactor comprises a product outlet and an inlet configured to receive the dispersion from the dispersion outlet of the high shear device. The shear rate provided by one generator is greater than the shear rate provided by another generator. The high shear mixing device is configured for producing a dispersion of light gas bubbles in a liquid phase comprising liquid medium, where the dispersion has a mean bubble diameter of less than 400 nm. Preferred Components: The high shear device comprises at least two generators. The system comprises at least two high shear mixing devices.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Method: The step of forming a dispersion comprises: generating bubbles of light gas having a mean diameter of 0.1-1.5 micron; and subjecting a mixture of the light gas and the liquid feed to a shear rate of greater than 20000/second. The method comprises: subjecting a fluid mixture comprising a light gas comprising carbon dioxide and/or methane and a liquid medium to a shear rate greater than 20000 second to produce a dispersion of light gas in a continuous phase of the liquid, where the dispersion is formed at least in part with at least one high shear device (40), and the high shear device configured to produce a dispersion of bubbles of the light gas in the liquid medium; and introducing the dispersion into a reactor from which the product comprising at least one liquid oxygenates and/or the hydrocarbons is removed. EXAMPLE - Melted polyethylene glycol (6 l) was placed in vessel with palladium catalyst (2 kg) and triruthenium dodecacarbonyl (5 g). The mixture was closed in the system and purged with carbon dioxide. The ethane and carbon dioxide at an approximate flow ratio of 2:1 was introduced into top of vessel and worked up to give high shear ethane.