San Antonio's oil and gas giant is ready to make a big jump in to the petrochemical sector.
Valero's Bill Day tols 550 KTSA News plans are in the works for constructing a new methanol plant at the company's New Orleans area refinery--as preparations continue for the move.
"Chemically, it's a very simple alcohol--but it can be used to make things like plastics, solvents, paints--even things like textiles" Day said, adding "We will be able to sell that product to other petrochemical processors as a feed stock--and they will be able to turn it in to consumer products."
Experts say the petrochgemical sector is growing more quickly these days than the oil and gas sector--making methanol something of a cash crop right now. The new methanol plant is expected to be complete in 2016.