NOVELTY - Continuous process for converting carbonaceous material contained in one or more feedstocks into a liquid hydrocarbon product, comprises converting at least part of the carbonaceous material by: pressurizing the feed mixture to a pressure of 50-400 bar, heating the feed mixture and maintaining the pressurized and heated feed mixture; cooling the feed mixture and expanding the feed mixture at a pressure of 1-70 bar; separating a fraction comprising liquid hydrocarbon product, and leaving a residual fraction; and feeding the residual fraction into a bioreactor for the production of biomass.    USE - The process is useful for converting carbonaceous material contained in one or more feedstocks into a liquid hydrocarbon product.    ADVANTAGE - The process ensures efficient and economic conversion of carbonaceous material into the liquid hydrocarbon product with high yield and quality in an environmentally friendly manner.    DETAILED DESCRIPTION - Continuous process for converting carbonaceous material contained in one or more feedstocks into a liquid hydrocarbon product, comprises converting at least part of the carbonaceous material by: pressurizing the feed mixture to a pressure of 50-400 bar, heating the feed mixture to a temperature of 250-500 degrees C and maintaining the pressurized and heated feed mixture in the desired pressure and temperature in a reaction zone for a predefined time; cooling the feed mixture to a temperature of 25-200 degrees C and expanding the feed mixture to a pressure of 1-70 bar, thus causing the carbonaceous material to be converted to a liquid hydrocarbon product; separating a fraction comprising liquid hydrocarbon product, and leaving a residual fraction; and feeding the residual fraction into a bioreactor for the production of biomass such as algae and/or bacteria such as cyano bacteria, where the feedstocks including the carbonaceous material are provided as a feed mixture including one or more fluids including water and liquid organic compounds at least partly produced by the process in a concentration of at least 1 wt.%. INDEPENDENT CLAIMS are included for:    (1) a pre-treatment for providing the feedstock for the process, comprising adding at least one feedstock material with a maximum particle size of 30 mm, and adding a liquid organic compound of at least 1 wt.%;    (2) an apparatus for continuous conversion of carbonaceous material contained in one or more feedstocks into a liquid hydrocarbon product, comprising at least one feed pump for feeding the feed mixture into the processing zone, a pressurization device adapted to pressurize the feed mixture to a pressure of 50-400 bar, a device adapted to heat the pressurized feed mixture to a temperature of 250-500 degrees C, a conversion device adapted to hold the pressurized and heated feed mixture for a conversion time of 10-40 minutes, a device adapted to cool the treated feed mixture to a temperature of 25-200 degrees C, an expansion device adapted to reduce the pressure of the treated feed mixture to a pressure of 1-70 bar, and a separation device adapted to separate a liquid hydrocarbon product from the treated and successively cooled and expanded feed mixture, and leaving an aqueous fraction and a bioreactor for treating the aqueous fraction, and generating an algae and/or cyano bacteria growth;    (3) a conversion reactor for use in the apparatus; and    (4) a mixing device for use in the apparatus in which a cyclone shaped mixing chamber is vertically positioned for the introduction of the one or more supercritical fluids and/or oxidizing agent, where an inlet tangential to the mixing chamber is provided for introducing the superheated supercritical fluid and/or oxidizing agent into the mixing chamber and a bottom outlet is provided for withdrawing the fully converted feed mixture from the cyclone shaped mixing chamber.