The invention relates to the conversion of paraffinic hydrocarbon to oligomers of greater molecular weight and/or to aromatic hydrocarbon. The invention also relates to equipment and materials useful in such conversion, and to the use of such conversion for, e.g., natural gas upgrading. Corresponding olefinic hydrocarbon is produced from the paraffinic hydrocarbon in the presence of a dehydrogenation catalyst containing a catalytically active carbonaceous component. The corresponding olefinic hydrocarbon is then converted by oligomerization and/or dehydrocyclization in the presence of at least one molecular sieve catalyst.