Abstract: Heavy oil derived from coal is diluted with organic solvent to a content of less than 10 weight percent of toluene-insoluble material. The mixture is then mixed with a non-aromatic solvent in a ratio of 1:3 to 5:1. With slow stirring of the heavy phase at a temperature of between 50.degree. and 200.degree. C., this mixture is separated into a pumpable TI-poor and a pumpable TI-rich fraction under the action of gravity, with a settling-surface load of up to 1 metric ton/m.sup.2 hour. No .beta.-resins are precipitated from these fluid fractions. No tacky, rubber-like sediment is formed from the TI-rich fraction. The fractions are distillatively separated from the solvents, which can be reused. The TI-poor fraction can be used, for example, as a carbon-black oil component or can be processed further to an impregnating agent for carbon shapes. Binders for carbon shapes or cokes are obtained from the TI-rich fraction.