A vegetable oil process and assembly is disclosed for extracting oil from an oil bearing material such as soybean, corn and the like. The process comprises adding at least one reagent to the oil bearing material to form a slurry mixture. The slurry is heated at a preselected temperature for a preselected period of time preferably under a partial vacuum. This processing reduces the phospholipid and trace metal content in the oil extracted from the oil heating material. The oil product produced is light in color, shows no turbidity and exhibits minimal amount of phosphorus, calcium, magnesium and iron. The oil is ready for physical refining.