[en] A process is described for polymerization of ethylene and alpha-olefins having from 1 to 20 carbon atoms or mixtures of ethylene, alpha-olefins and diolefins. The process comprises polymerizing one or more olefins in the presence of the catalyst system comprising (a) an organoaluminum cocatalyst, and (b) a vanadium containing a catalyst component obtained by treating an inert solid support material in an inert solvent with (i) an organoaluminum compound represented by the formula R/sub m/AIX/sub 3-m/, wherein R represents an alkyl group, cycloalkyl group or aryl group having from 1 to 18 carbon atoms, X represents halogen atoms, and 1≤m≤3, (ii) an acyl halide, and (iii) a vanadium compound. Another process is identified wherein the inert solid support material is an inorganic oxide or mixtures of inorganic oxides. Also a process wherein the inorganic oxide is silica is described