The demand for natural gas, especially with the increasing production of shale gas, has created a significant need for effective strategies for natural gas monetization. Natural gas can be monetized through different options, as a fuel or converted into value-added products. However, environmental concerns of natural gas usage pose challenges the industry to adhere to emission reduction targets, while maintaining profitability. This work proposes an approach that considers natural gas allocation under carbon dioxide constraints and takes into account excess heat utilization to compare and identify alternative monetization paths. The heat integration will minimize the net energy demand of the industrial park cutting the overall methane demand and associated emissions. At the same time, the approach explores synergies available from utilizing excess process heat in the energy intensive carbon capture. This is illustrated through an example of an industrial cluster with natural gas monetization processes and options of Carbon Capture Utilization and Storage (CCUS). The work aims to help in planning industrial parks/clusters holistically and in drafting effective carbon dioxide management strategies.