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Borregaard ASA operates in the biochemical industry, focusing on the production of advanced and sustainable biochemicals derived from natural raw materials. The company offers a prominent range of products, including lignin-based chemicals, bioethanol, and cellulose, which are utilized across various industries such as agriculture, construction, and pharmaceuticals. Established in 1889, Borregaard has its headquarters in Sarpsborg, Norway, where it operates one of the world's most advanced biorefineries. The company's strategic advantage lies in its commitment to sustainability and innovation, leveraging its proprietary technology to produce environmentally friendly alternatives to petrochemical products.

BHP is a global diversified miner mainly supplying iron ore and copper. The merger of BHP Limited and Billiton PLC created the present-day BHP Group. The dual-listed structure from the 2001 BHP and Billiton merger was collapsed in 2022. Major assets include Pilbara iron ore and Escondida copper. Onshore US oil and gas assets were sold in 2018, and the remaining petroleum assets were spun off and merged with Woodside in 2022, with BHP vesting the Woodside shares it received to BHP shareholders. It purchased copper miner Oz Minerals in fiscal 2023 and half of the Vicuña copper joint venture in fiscal 2025. It is entering the potash market through the development of its Jansen project in Canada. However, due to low prices, BHP placed its nickel business on care and maintenance in 2024.