Oxygen sensitive oils or oils containing oil soluble oxygen sensitive substances are encapsulated in proteins which have been reacted with carbohydrates that contain reducing sugar groups. An aqueous mixture of a protein preferably casein and a carbohydrate preferably a sugar is heated within the range of 60 to 160.degree. C. so that Maillard reaction products are formed in the aqueous mixture. The oil phase, up to 50% by weight is then emulsified with the aqueous phase to form micro encapsulated oil particles. The formation of MRP may also be done after emulsification prior to drying. The emulsions can be used as food ingredients or dried to form powders.