For the achiote oil: Heat the oil and achiote seeds in a saute pan over low heat for 5 minutes. Strain the oil and let cool. Set aside 3 tablespoons for the refrito, and reserve the remaining oil for another use.
For the refrito: Place the peppers, tomatoes, cilantro and onions in a food processor and pulse until blended. Add in 3 tablespoons of the achiote oil and season the mixture with salt and black pepper. Stir everything together and chill until needed. Set aside 1/2 cup for the arroz amarillo, and then reserve the rest for another use.
For the arroz: Heat the oil in a pot over medium heat. Add 1/2 cup refrito, achiote powder and turmeric and saute for 2 to 3 minutes. Stir in the rice until evenly coated with the refrito mixture. Stir in the hot chicken stock and bring to a boil. Boil for about 10 minutes, and then reduce the heat to a simmer, cover the pot, and continue to cook the rice for 20 minutes. Chill the rice before serving.
Olive can be substituted for the achiote oil in the refrito.
Recipe courtesy of Maria Lopez