Rub oil over the bottom of a deep-sided pot. You will also need a tight-fitting lid.

Place rice, coconut milk, water, sugar and salt in the pot and set over medium-high to high heat.

Stir until liquid comes to a gentle boil (stirring will keep the rice from sticking to the bottom of the pot and burning).

Once the coconut-water has begun to gently bubble, stop stirring and reduce heat to low (just above minimum). Cover tightly with a lid and let simmer about 15 minutes, or until most of the liquid has been absorbed by the rice (to check, pull rice aside with a fork to see down to the bottom of the pot).

When the liquid is gone, turn off the heat, but leave the covered pot on the burner to steam another 5-10 minutes, or until you're ready to eat. Tip: Your Coconut Rice will stay warm this way for up to 1 hour or more, great for when you're expecting company!

When ready to serve, remove the lid and fluff rice with a fork or chopsticks. Taste-test the rice for salt, adding a little more if needed. Serve right out of the pot, or place in another serving bowl. Serves 4-5