A process for regenerating a slurry Fischer-Tropsch catalyst, which needs regeneration,
involves de-waxing and drying the catalyst sufficiently to produce a free-flowing
catalyst powder that is fluidizable; fluidizing the catalyst powder; treating the
catalyst powder with an oxygen treatment; reducing the catalyst powder with a reducing
gas to form a reduced catalyst powder; and mixing the reduced catalyst powder with
hydrocarbons to form a regenerated, slurry catalyst. The oxidation and reduction
steps may be repeated. An oxygen treatment includes using a fixed O2
level with ramped temperatures, fixed temperatures with increased O2 levels,
or a combination.