Eni (E) and IOM Join Forces to Boost Youth Employment in Libya
Eni SpA E, the Italian multinational energy company, and the International Organization for Migration (“IOM”) entered into a voluntary five-year cooperation agreement aimed at uplifting youth employment opportunities in Libya's Fezzan region.
Eni, operating through its branch Eni North Africa, signed this agreement to enhance the professional skills of 850 trainees, both male and female, thereby contributing to the economic development of the area.
According to Eni, the initiative will focus on strengthening technical and vocational education and training centers. This is pivotal in addressing the skill gap within the labor force. Through the rehabilitation and equipment of these facilities, the project aims to provide industry-tailored learning modules, preparing job seekers for employment opportunities in key sectors such as agribusiness. The primary goal is to build a robust workforce in key sectors, particularly agribusiness, by aligning training curricula with the needs of the private sector in the Fezzan region.
Simultaneously, the initiative aims to facilitate access to self-employment opportunities. By doing so, Eni and IOM intend to address youth unemployment effectively and promote the inclusion of young beneficiaries in sectors such as agriculture, construction and industry.
In addition to addressing the immediate employment needs of the youth, the collaboration between Eni and IOM will contribute to the achievement of the United Nations' Sustainable Development Goals. Specifically, the partnership aligns with Goal 4 - Quality Education, Goal 8 - Economic Growth, and Goal 17 - Partnerships for the Goals.
The initiative goes beyond traditional employment programs by incorporating courses that cover essential life skills, positive communication and conflict resolution. This holistic approach is aimed not only at preparing the youth for job opportunities but also at fostering social cohesion among them.
Additionally, Eni North Africa, in unison with the National Oil Corporation (NOC), is actively exploring innovative solutions to reduce CO2 emissions in challenging sectors. In a joint venture with Mellitah Oil and Gas BV (MOG), where Eni has a 50% stake and NOC holds the other 50%, the partners are committed to sustainable development.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are The Williams Companies, Inc. WMB, Sunoco LP SUN and Murphy USA, Inc. MUSA, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
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WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
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SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
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The company’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 7.04%.
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