NOVELTY - Pyrolysis process involves subjecting biomass material to pyrolysis at 500 degrees C or more in a reactor containing catalyst and particulate fluidized heat transfer medium, preferably sand, to form pyrolysis product, then condensing and isolating liquid pyrolysis oil product from the pyrolysis product, and collecting and isolating non-condensable gases separately from the liquid pyrolysis oil product.    USE - Pyrolysis process used for producing condensed and isolated liquid pyrolysis oil product (claimed) e.g. hydrocarbon-based transportation fuel and oxygen-containing chemical product.    ADVANTAGE - The pyrolysis oil product formed using pyrolysis process has reduced acidity and reduced content of oxygen-containing component e.g. alcohol, aldehyde, phenol and ether.    DETAILED DESCRIPTION - Pyrolysis process involves subjecting biomass material to pyrolysis at 500 degrees C or more in a reactor containing catalyst which as charged is rehydrated-calcined calcium-containing layered dihydroxide including particles having average particle size of 40-400 microns, in which the catalyst is optionally pre-agglomerized flowable or fluidizable shaped form, and particulate fluidized heat transfer medium, preferably sand, to form pyrolysis product, then condensing and isolating liquid pyrolysis oil product from the pyrolysis product, and collecting and isolating non-condensable gases separately from the liquid pyrolysis oil product. The resultant product formed using the pyrolysis process is used for producing partially condensable vaporous product from particulate or subdivided biomass material which is untreated. An INDEPENDENT CLAIM is included for condensed and isolated liquid pyrolysis oil product, which is directly obtained by pyrolysis of biomass material. The pyrolysis oil product has total acid number of less than 70 mg/potassium hydroxide/g, and weight percentage of oxygen removal of 72 wt.% or more which is determined by general pyrolysis test procedure and is calculated using a relation: Oremoval=(Xco.Mo/Mco+Xco2.2Mo/Mco2+Xh2o.Mo/Mh2o)/(Ofeed/100%), where Oremoval is oxygen removed in wt.%, Mo is molar mass of oxygen which is 15.999 (g/mol), Xco is yield of carbon monoxide in wt.% on biomass material fed, Mco is molar mass of carbon monoxide which is 28.01 (g/mol), Xco2 is yield of carbon dioxide in wt.%, Mco2 is molar mass of carbon dioxide which is 44.01 (g/mol), Xh2o is yield of water in wt.%, Mh2o is molar mass of water which is 18.02 (g/mol), and Ofeed is oxygen content in biomass material fed in wt.%.