A process for preparing liquid fuels and chemicals, which process comprises feeding carbon monoxide and hydrogen to a hydrogenation reactor, wherein the molar ratio CO:H2 is in the range of 1:0.5 to 1:0.9, catalytically hydrogenating said carbon monoxide in said hydrogenation reactor, to produce a hydrogenation effluent, condensing the effluent of said hydrogenation reactor to recover one or more organic liquid(s) and an aqueous solution, feeding a non-condensable component of said effluent into an oligomerization reactor;
- condensing an effluent discharged from the oligomerization reactor to obtain an additional organic liquid and an additional gaseous stream, separating said additional organic liquid, and either combusting said additional gaseous stream to produce heat and electricity, or processing said additional gaseous stream to obtain recyclable gaseous streams utilizable in said process, wherein the carbon monoxide and hydrogen feedstock is supplied from waste gases characterized by having H2/CO molar ratio of >0.9, the process comprises subjecting said waste gas to RWGS reaction, condensing the product of the RWGS reaction to obtain water and non-condensable component, separating water from the gaseous component and separating hydrogen therefrom, and directing the gaseous stream to the hydrogenation reaction.