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In a sauce pan, heat the olive oil on medium heat, then add the onions. Saute the onions for 4-5 minutes, until they're tender and translucent, but not browned.
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Add the garlic and tomato paste, then cook for 1 minute.
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Add the rest of the ingredients, and cook on low until the guava jelly melts and the sauce thickens, about 10-15 minutes.
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Strain the sauce through a fine mesh strainer, and discard the cooked onions.
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Place the strained sauce into a mason jar for storage, this stuff keeps for up to 2 weeks in the fridge.