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Heat oil in medium saucepan over medium-high heat. Add tomato sauce, garlic, sofrito and sazon, cook until fragrant, about 1 minute.
Transfer liquid from can red beans to measuring cup; add enough water to measure 3½ cups. Add liquid to pot; bring to boil. Add beans, rice and sugar; stir. Bring rice mixture to a boil; reduce heat to medium low and cook, covered, until water is absorbed, about 20 min.
Remove rice from heat. Let sit until rice becomes tender, 5 minutes. Fluff with fork. Divide evenly among serving bowls.