In that case, it's called biorefinery. You could draw a parallel with petrochemical refining. Cracking and all the methods that can be used in that field can be carried over to everything involving value-added biomass. These are more or less the same technologies, and the two industries should talk to each other, because they are very complementary.
Bio-based products can even be used in the petrochemical industry, as Domtar does with nanocrystalline cellulose. These products can be used in oil extraction.
So it would be a really good idea for these two industries to talk to each other.