Abstract: A process for producing a low-fat oil-in-water-in-oil emulsion, particularly a low-fat spread, comprising (a) feeding the fatty phase which constitutes the continuous phase of the final emulsion into a system comprising an emulsification unit and units where cooling and working are carried out for a period of time long enough to at least achieve coating of the inner surface of said emulsification unit with said fatty phase and preferably for a period of time long enough to remove substantially all the air present in the emulsification unit, and (b) introducing in the system increasing amounts of a proteinaceous oil-in-water emulsion which is preferably substantially free of gas dissolved therein, until the desired concentration of fat in the end product is obtained. The fatty phase and the proteinaceous emulsion are preferably fed into the emulsification unit as concentric streams whereby the fatty phase constitutes the outer stream and the proteinaceous emulsion constitutes the inner stream.