K2CO3/Co-MoS2/clay catalyst has been investigated by X-ray photoelectron spectroscopy (XPS). The XPS spectra of chemical species present on the surface of the catalysts are compared as a function of cobalt composition, K2CO3 loading and exposure to a mixture of carbon monoxide and hydrogen. XPS analysis indicates that the enrichment of cobalt on the surface catalyst occurs at Co/Mo ratio about 0.5 and enrichment of potassium on the surface catalyst is obtained for K2CO3 = 12.5 wt.%. The productivity and selectivity of the catalyst has been investigated as a function of cobalt composition, K2CO3 loading and temperature. Highest oxygenates-productivity (0.32 kg/kg cat/h) was obtained at 310 degreesC for the catalyst with the Co/Mo atomic ratio about 0.5 and K2CO3 = 12.5 wt.%.