This article examines stakeholder relationships in a conflict situation. The focus of analysis is on how to understand stakeholder relationships as both ethical and strategic, and further, how the interests of different stakeholders become justified. To describe stakeholder relationships, we use media texts reporting on the case of a foreign investment project. The description shows how relationships evolve and how they constitute different episodes related to the conflict. We address the episodes by analysing stakeholder relationships and their salience. Furthermore, we examine how different stakeholder interests are justified in relation to the conflict. By providing a rich detailed qualitative analysis, we elaborate on the strategic and ethical nature of stakeholder relationships.