A process for manufacturing isocyanates or polycarbonates comprising the steps of: providing a chlorine stream and carbon monoxide stream; reacting said chlorine stream and said carbon monoxide stream for providing a phosgene stream; cooling the phosgene stream to a temperature at which the phosgene in the phosgene stream is liquid, preferably, to a temperature that is 4 C. less or more than 4 C. less than the boiling point of phosgene, to form a liquid phosgene stream and a gas stream; separating the gas stream and the liquid phosgene stream; removing residual chlorine from the liquid phosgene stream to form a chlorine depleted phosgene stream and reacting the chlorine depleted phosgene stream to form an isocyanate or a polycarbonate.