NOVELTY - Process for liquefying a cellulosic material to produce a liquefied product, comprises: contacting the cellulosic material simultaneously with an acid catalyst, a solvent mixture containing water and a co-solvent, a hydrogenation catalyst and a source of hydrogen, where the co-solvent comprises one or more polar solvents and the co-solvent is present at 10-95 wt.%.    USE - The process is useful for liquefying a cellulosic material to produce a liquefied product, which is useful for producing biofuel, which is a biodiesel, a biokerosine or a biogasoline (claimed).    ADVANTAGE - The process for liquefying a cellulosic material has an increased degree of liquefaction even at high cellulose loading; and a reduction in the amount of unwanted insoluble humins. The process requires less amounts of expensive solvent, hence economical. The process allows for the simultaneous hydrolysis and hydrogenation of the cellulosic material. The process provides the product with improved chemical stability and increased heating value. The process offers processing efficiencies by allowing a reduction of the number of process steps from a cellulosic starting material to a biofuel end product.    DETAILED DESCRIPTION - INDEPENDENT CLAIMS are included for:    (1) a product comprising: 20-80 wt.% of a monomeric fraction containing one or more monomeric compounds having a molecular weight (Mw) of less than or equal to 250 Dalton (Da); 20-80 wt% of an oligomeric fraction containing one or more oligomeric compounds having a molecular weight (Mw) of more than 250 Da, where the percentage of saturated carbon atoms in the oligomeric fraction is greater than or equal to 35%, based on the total amount of carbon atoms present;    (2) a process for producing a biofuel component from a cellulosic material, comprising: (a) contacting the cellulosic material simultaneously with an acid catalyst, a solvent mixture containing water and a co-solvent comprising one or more polar solvents, a hydrogenation catalyst and a source of hydrogen to produce a liquefied product; (b) obtaining one or more monomeric compounds and/or one or more oligomeric compounds from the liquefied product obtained in step (a) to produce a second product comprising one or more monomeric compounds and/or one more oligomeric compounds; (c) hydrodeoxygenating and/or cracking at least part of the second product obtained in step (b) to produce a fuel component and/or fuel component precursor; and (d) using the fuel component and/or the fuel component precursor in the preparation of a biofuel; and    (3) a biofuel containing one or more tetrahydropyranic monomers and/or oligomers.