NOVELTY - Producing a dispersion of nanoparticles with an oxide-free surface in a liquid phase, comprises (a) providing at least one two-phase system from a first liquid phase (starting phase) and a second liquid phase (target phase), (b) adding nanoparticles with oxide surface, which are dispersed depending on the oxidation state of the surface in the starting phase and/or the starting- and target phase, and (c) adding a reducing agent, which dissolves in the starting phase, so that the nanoparticles are dispersed with at least partially oxidic surface, after the reduction in the target phase.    USE - The dispersion is useful for producing a liquid or a gaseous form liquid processed electronic component, e.g. a transistor, a resistor, a conductor track, a capacitor, an inductor, a diode, a solar cell, a detector, a memory cell and a sensor (claimed).    ADVANTAGE - The method: carries out the dispersion in the target phase in an in-situ manner after the surface reaction and without the contact with air, thus it avoids the use of complex equipment for maintaining an inert atmosphere; is self-adjusting; reduces the risk of contamination in the dispersion; and provides the two-phase system, which can be self-preserved.    DETAILED DESCRIPTION - Producing a dispersion of nanoparticles with an oxide-free surface in a liquid phase, comprises (a) providing at least one two-phase system from a first liquid phase (initial stage), which is selected so that nanoparticles are dispersible with at least partially oxidic surface and a second liquid phase (target phase), which is non-miscible with the starting phase, where the second liquid phase is selected so that nanoparticles are dispersible with the oxide-free surface, (b) adding nanoparticles with a minimum partially present oxide surface, which are dispersed depending on the oxidation state of the surface in the starting phase and/or the starting- and target phase, and (c) adding a reducing agent, which dissolves in the starting phase, so that the nanoparticles are dispersed with at least partially oxidic surface, after the reduction in the target phase, where the sequence of the steps (a), (b) and (c) is arbitrarily selected. An INDEPENDENT CLAIM is also included for the dispersion of nanoparticles with the oxide-free surface in the liquid phase obtained by the above mentioned method.