Ambassador of Norway to Hungary on cooperations, Hungarian gastronomy in Oslo, Norwegian students and community and more – Interview

Her Excellency Trine Skymoen, Norway’s ambassador to Budapest, honoured us with an interview. She talked about his first impressions of Hungary and the Hungarian people, Norway is the largest single provider of gas to Europe, Norway Grants and many more.

Daily News Hungary (DNH): The Norwegian Embassy and Residence are beautifully located next to Buda Castle. What were the most important steps in your career?

HE Ambassador Trine Skymoen: We are very lucky to have the Embassy and Residence located here. I have a beautiful view of the Parliament from my residence, which I enjoy every day.

I joined the foreign service in 1986 and my first posting was to Ivory Coast in 1988. Budapest is now my seventh posting.

Originally, I joined the foreign service because I wanted to travel, and I wanted to travel to exotic places, as far away from Norway as possible. Now, being in my fourth country in central Europe, I guess it just shows that your priorities change. Life takes unexpected turns, and I really enjoy being here.

DNH: How did your life eventually lead you to Budapest? Have you visited our country before your mission? What was your initial impression of Hungary before you came here?

Ambassador Skymoen: I was posted altogether 10 years in three of Hungary’s neighboring countries. I was posted in Vienna, Bratislava and in Belgrade, and I visited Budapest regularly.  So, I wanted to be posted here because it sparked my interest when I visited, especially the beauty of the country and the hospitality of its people. So, I was very lucky to be appointed ambassador in Budapest.

DNH: And how do you view Hungary and its people now?

Ambassador Skymoen: I think what I have experienced being posted here really confirms my initial impressions. It is a beautiful country with a marvelous capital and really hospitable and nice people, who are very proud of the rich culture and traditions that exists in Hungary. It has a fascinating history, and it is really a privilege to live here.

I came here on the 1st of September 2020 during Covid-19 restrictions, so now I am really making up for the lost time, travelling as much as I can and as often as I can.

DNH: Norway has become one of Europe’s main sources of natural gas, but you have used this precious natural asset for a long time. I recall learning in primary school about Norway, the country that set an example for the whole world by investing the money that came from energy resources in education, science and other disciplines that would shape the country’s future.

Ambassador Skymoen: The day before Christmas Eve 1969 it was announced that we have found oil. A lot of oil! Ekofisk is the largest oil field ever found at sea and started the Norwegian oil adventure.

Norway is still a rather small player in the global crude market with production covering about 2 percent of the global demand. Norwegian production of natural gas covers approximately 3 percent of global demand, however, as an exporter Norway is a significant player.

Norway is the third largest exporter of natural gas in the world, after Russia and Qatar.

In recent years, Norway has supplied between 20 and 25 percent of the EU’s and United Kingdom’s gas demand. After the Russian invasion of Ukraine, Norway is the largest single provider of gas to Europe.

Nearly all oil and gas produced on the Norwegian shelf are exported.

Norway’s Parliament passed a very important law in 1990; to establish the Government Petroleum Fund, which is now known as The Government Pension Fund Global. The plan was to regularly transfer capital from the government’s petroleum revenue to the fund. The fund’s purpose is to support the government’s long-term management of petroleum revenue, and the fund has a small stake in more than 9,000 companies worldwide. It holds 1.3 percent of all of the world’s listed companies, and the value of the fund is now around 1,180 billion US. It is the largest of any sovereign wealth fund in the world. The fund has one main purpose; to help finance the Norwegian welfare state for future generations.

DNH: What were Norway’s most important decisions regarding the Government Petroleum Fund?

Ambassador Skymoen: To achieve a broad political consensus on how the fund should be managed. The less we spend today, the better the position we will be in to deal with downturns and crises in the future, the authorities can spend more in hard times and less in good times.

So that the fund benefits as many people as possible in the future too, politicians have agreed on a rule which ensures that we do not spend more than the expected return on the fund. On average, the government is to spend only the equivalent of the real return on the fund, which is estimated to be around 3 percent per year. In this way, oil revenue is phased only gradually into the economy. At the same time, only the return on the fund is spent, and not the fund’s capital. We save for future generations.

DNH: Norway Grants is a remarkable opportunity for Hungarian organizations. Can you describe its operation briefly?

Ambassador Skymoen: The EEA and Norway Grants grew into a well-established and successful cooperation platform between the three EFTA donor countries, Iceland, Liechtenstein and Norway, and the partner countries in the European Union. The agreement includes a common goal to work together to reduce economic and social disparities in Europe. In the current project period, Norway will provide approximately 2.8 billion euros in support to 15 member states.