Process to prepare simultaneously two or more base oil grades and middle distillates from a mineral crude derived feed, in particular a de-asphalted oil or a vacuum distillate feed or their mixtures, by performing the following steps: (a) hydrocracking the mineral crude derived feed, thereby obtaining an effluent; (b) distillation of the effluent as obtained in step (a) into one or more middle distillates and a full range residue boiling substantially above 340.degree. C., (c) catalytically dewaxing the full range residue by contacting the residue with a dewaxing catalyst comprising a zeolite of the MTW type and a Group VIII metal, thereby obtaining a dewaxed oil; (d) isolating by means of distillation two or more base oil grades from the dewaxed oil obtained in step (c); and (e) isolating a dewaxed gas oil from the dewaxed-oil obtained in step (c); wherein the dewaxed oil as obtained in step (c) comprises between 10 and 40 wt % of a dewaxed heavy gas oil boiling for more than 70 wt % between 370 and 400.degree. C.