A system and method for plasma arc anaerobic thermal conversion processing is provided to convert waste into bio-gas; bio-oil; carbonized materials; non-organic ash, and varied further co- products. The system and process supports a variety of processes, including to make, without limitation, carbon, carbon-based inks and dyes, activated carbon, aerogels, bio-coke, and bio-char, as well as generate electricity, produce adjuncts for natural gas, and/or various aromatic oils, phenols, and other liquids, all depending upon the input materials and the parameters selected to process the waste, including real time economic and other market parameters which can result in the automatic re-configuration of the system to adjust its output co-products to reflect changing market conditions. Plasma arc carbonizer off-gases produced during carbonization are supplied to a controlled heated column for refining and recovery of the carbonizer hot gases into distillates.