Hydrocarbon conversion process

A hydrocarbon conversion process, comprising:

• (a) providing a first mixture comprising ≧1.0 wt. % hydrocarbon and ≧1.0 wt. % oxygenate, the weight percents being based on the weight of the first mixture, wherein the oxygenate comprises water obtained from step (d);
• (b) exposing the first mixture to a temperature ≧700° C. under pyrolysis conditions to produce a second mixture, wherein (i) the second mixture comprises ≧1.0 wt. % acetylene based on the weight of the second mixture and (ii) ≧95.0 wt. % of the second mixture's acetylene, based on the weight of the second mixture's acetylene, is produced by conversion of at least a portion of the first mixture's hydrocarbon;
• (c) converting ≧10.0 wt. % of the second mixture's acetylene to cyclooctatetraene, based on the weight of the second mixture's acetylene, in the presence of a catalyst comprising nickel in order to produce a third mixture, the third mixture comprising at least a portion the cyclooctatetraene produced by the acetylene conversion;
• and
• (d) converting ≧5.0 wt. % of the third mixture's cyclooctatetraene to water and phthalic acids, based on the weight of the third mixture's cyclooctatetraene.