A process for preparing a supported catalyst or catalyst precursor containing carbon, said process comprising: a. preparing a liquid mixture of (i) at least one catalyst support or catalyst support precursor; (ii) at least one metal-containing compound, wherein said metal is selected from V, Cr, Mn, Fe, Co, Ni, Cu, Mo and W, and (iii) at least one polar organic compound which acts as a solvent for the metal-containing compound, said liquid mixture comprising 0 to 20 wt % of water based on the total weight of the mixture; b. converting said mixture to a paste or solid residue; and c. combusting the residue in an oxygen-containing atmosphere to at least partially convert the organic compound to carbon and to form said supported catalyst or catalyst precursor.