A fluidized catalytic cracking process and apparatus operates with a two stage hot stripper between the reactor and catalyst regenerator. Addition of hot, regenerated catalyst to spent catalyst from the reactor heats the spent catalyst in the first stripping stage, which preferably uses steam stripping gas. The second stage of stripping occurs about a heat removal stab-in heat exchanger tube bundle, which removes heat from the catalyst during the second stage of stripping. Steam or flue gas may be used in the second stripping stage to fluidize catalyst, improve heat transfer and simultaneously strip the catalyst.
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