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In a large skillet, dry toast the chile peppers until they darken on both sides. Take them out of the pan and submerge in hot water to let them soften.
In the same pan, heat up 2 tablespoons of the olive oil and start to fry the shallot and garlic cloves. Toss in the bay leaf. Add the tomatoes and keep frying for a bit more, then lower the heat and let the juices cook down a little bit. Pour in the vinegar, and enough water to just barely cover the tomatoes. Bring the contents of the pan to a simmer.
Meanwhile, remove the seeds of the chile pepper and add the chiles to the pan. Simmer for about 5-8 minutes until reduced a bit. Remove the bay leaf.
Transfer the contents of the pan to a blender, add the molasses and salt, and puree until smooth.
Heat up the remaining 1 tablespoon of olive oil in the pan, and strain the liquid through a sieve back into the pan. Reduce the sauce until it resembles ketchup, stirring constantly, so that none of the sauce burns along the sides of the pan.
Season with salt if needed, and transfer to a bowl for serving.
Makes a bit more than 1 cup.
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