A process for producing a high VI/low volatility lubricating oil basestock. The process comprises subjecting the raffinate from a solvent extraction step to a two-step, single-stage hydroconversion process wherein the first step involves severe hydroconversion of the raffinate followed by a cold hydrofinishing step. The effluent from the cold hydrofinishing step is then catalytically dewaxed or in the alternative, solvent dewaxed followed by catalytic dewaxing.
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