The disclosure relates to a process for converting lignocellulosic feedstock (10) to renewable product (80), wherein the process comprises the following steps; treating (100) lignocellulosic feedstock (10) with aqueous solution (20) to obtain a mixture (30); heating (110) the mixture (30) of step (a) to a temperature between 290 and 340° C., under a pressure from 90 to 120 bar, to obtain a first product mix (40); separating aqueous phase (53) and oil phase (50), and optionally gas (51) and solids (52), of the first product mix (40) of step (b); and heating (130) the oil phase (50) of step (c) and solvent (60). The heating (130) is optionally followed by fractionation (200) to obtain a light fraction (90) and a heavy fraction (91) and optionally a bottom residue fraction (92) and/or a gaseous fraction.