LG CNS to export e-ticketing system to Greece
Seen above is a subway platform in Athens, Greece. LG CNS said Wednesday that it won a deal to build an e-ticketing system for public transportation in Athens, Greece. / Courtesy of LG CNS
By Kim Yoo-chul
LG CNS said that it has won a deal to build an e-ticketing system for public transportation in Athens, Greece, by forming a consortium with Terna Energy, a local construction services provider.
The system integration (SI) service affiliate of LG Group said that the value of the deal is estimated at around 205 billion won. Terna Energy operates in the energy and construction industry in Greece.
Under the agreement, CNS will construct automatic fare-collection systems for all forms of public transportation in Athens over the next two years.
The firm will also manage the systems for a decade after the completion of the project, according to the release.
The LG CNS-Terna Energy consortium will establish a special purpose company (SPC) to push for the project.
LG officials said that the deal was the outcome of close cooperation between the Blue House, the Export Import Bank of Korea (Korea Eximbank) and the Seoul Metropolitan Government.
The project was initiated by the Greek government, which plans to install automatic fare systems in buses, trolleys, subways and trams in the city.
According to LG CNS, the project was stalled due to the debt crisis in the Eurozone and economic troubles in Greece, but thanks to a project financing plan by the Korea Eximbank and the EU Fund it will now move forward.