A method allowing the efficient conduction of highly exothermic, catalyst initiated reactions, particularly ones in which the product spectrum is highly dependant upon the temperature at which the process is conducted and to diffusional resistances within the catalyst particle matrix. The process occurs in a heat transfer device which consists of at least two channels which have at least one wall in common. Preferably two distinct sets of flow channels exist in which the process proceeds in one set of channels and heat transfer fluid passes through the second. The area of contact between the two sets of channels is sufficiently large to allow the efficient transfer of heat. These dimensions are controlled through the use of hollow catalyst particles through which the process gas can diffuse through either the inside or outside.