A water-soluble organometallic complex of rhodium, namely [Rh(mu-Pz)(CO)(TPPTS)](2) [Pz = pyrazolate; TPVTS=P(C6H4SO3Na)(3), tris(sodium-m-trisulphonated-triphenyl-phosphine)1 was evaluated in the catalytic hydroformylation of the short-chain olefins contained in a naphtha cut from "El Palito" refinery in Venezuela. The reactions were carried under moderate conditions in an aqueous/organic biphasic medium. The naphtha current was characterized. Under the best reaction conditions (825 psi of syn-gas, T = 70 degrees C, S/C = 200:1) a very good conversion to aldehydes (96%) was obtained after 72 h. The mercury test was performed to the system proving that the reaction proceeds through molecular species. The recycling of the aqueous solution of the catalytic precursor was performed four times resulting in a decrease of activity from 96% to 60%. (C) 2009 Published by Elsevier B.V.