Sapropel hydroliquefaction in supercritical ethanol at 260 degrees C and a pressure of 18 MPa in the presence of Co\Mo/Al2O3 catalyst was studied. The maximal conversion of the sapropel organic matter (similar to 76%) in supercritical ethanol is reached when adding gaseous hydrogen and a catalyst. The process is accompanied by removal of nitrogen, oxygen, and sulfur and by an increase in the hydrogen content of the liquid products. As shown by gas chromatography-mass spectrometry and IR spectroscopy, the liquid products of sapropel conversion in supercritical ethanol consist mainly of esters (41.8-46.5%) and alkyl derivatives of phenol (18.6-21.6%).