Bring 2 cups water to boil in large saucepan. Stir in yellow rice mix and olive oil. Boil 30 seconds. Reduce heat to medium low. Simmer covered for 20 minutes.
Stir in asparagus, scallions and pimento. Cover and cook until vegetables and rice are tender and water is absorbed, 5 to 7 minutes. Let stand 5 minutes and serve warm.