Disclosed herein is a system for recovering olefins from a vent stream comprising an absorber; and a stripper; where the absorber and the stripper are in a recycle loop; and where the absorber is operative to treat a vent stream with a solvent to remove more than 99 wt % of a halogenated by-product contained in the vent stream and to recover 90 to 95 wt % of olefin molecules present in the vent stream; and where the stripper is operative to remove more than 99 wt % of the halogenated by-products present in the solvent; and where the solvent is recycled to the absorber.