Process for quality enhancement in hydrocarbon stream

A process for increasing cetane number and lubricity of a diesel range stream, the process consisting of the step of:

• (a) providing a hydrotreated feed diesel range stream with a sulfur content of less than 350 ppmw, and a cetane number;
• (b) saturating said diesel range stream with an oxygen source;
• and
• (c) subjecting said oxygen saturated diesel range stream to selective oxidation in the presence of an oxide based catalyst in combination with organometallic catalyst to obtain oxidation product;
• and
• (d) partially recycling the oxidation product by mixing with fresh feed diesel range stream, to obtain oxidized diesel range stream with increased cetane number relative to the feed diesel range stream;
• wherein said organometallic catalyst comprises salts of metal phthalocyanines,
• wherein the metal in metal phthalocyanines is selected from V, Ni or a mixture thereof;
• wherein the saturated diesel range stream contains oxygen source in dissolved form during oxidation;
• wherein the oxygen source is selected from ozone, ozone containing gas or mixture thereof;
• wherein the ozone is present in concentration of about 0.1 to 30 vol %;
• wherein the oxide based catalyst is selected from oxides of Cr, Cu or a mixture thereof.