Poly(ethylene glycol) (PEG), having a molecular weight of 900 or 1500, is a solid at room temperature but a nonvolatile liquid at 40
C under CO
2 pressure. Homogeneously catalyzed hydrogenation can be performed in the molten PEG, followed by extraction of the product by supercritical CO
2. The catalyst-containing PEG phase which remains in the vessel can be reused for hydrogenation without addition of further catalyst or PEG.