Abstract
In this paper, a novel poly-generation system for olefin and power production from natural gas is proposed, which integrates hydrocarbon production and the combined cycle power generation. Economic and technological evaluation based on the internal rate of return (IRR) and exergy efficiency is performed. The energy integration results in the proposed poly-generation system for simultaneous production of chemical products (ethylene and propylene) and electricity being more thermodynamically efficient and economically viable than single purpose power generation and chemical products production plants. IRR and exergy efficiency of the proposed poly-generation system are higher than that of natural gas methanol to olefin (NGMTO) system, 18.9% and 49.9%, respectively. The biggest exergy destruction segments, their causes, and possible measures for improvement are investigated simulation and thermodynamic analysis. To analyze the effect of unreacted syngas recycle on the exergy efficiency and economic gains from the proposed poly-generation system, its thermoeconomic optimization model is built by combining economic with thermodynamic analysis. Optimization analysis shows that when 78% of the unreacted syngas is recycled back to the reactor in the methanol synthesization process, the thermoeconomic performance of the poly-generation system is at its optimum.
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