Spanish Rum Flan with Caramelized Oranges

1 2/3 Cups Granulated sugar
3 Tablespoons Water
8 Each Large eggs
1 Pinch Iodized salt
24 Fluid Ounces Evaporated milk, 2 each 12 ounce cans
2 Tablespoons Dark rum

Caramelized oranges
1 Each Valencia Orange, Peeled and sliced 1/4 inch thick
1 Cup Granulated sugar
1/3 Cup Water
1 Tablespoon Dark rum

1. Butter a 9 by 5 inch loaf pan. Place the 2/3 cup sugar in a large heavy skillet and stir over moderate heat until it turns golden. Workout any lumps, taking care not to let the sugar barn. Stir in the water with a long handled spoon (the hot syrup will splatter). cook, stirring, a minute or two, until blended. Pour into the prepared loaf pan, told the pan to coat the sides and bottom, and set aside.

2. Preheat the oven to 325 degrees. Place a baking dish large enough to hold the loaf pan in the oven. Pour hot water to the depth of 1/2-inch into the baking dish.

3. In a medium-size bowl, beat eggs with the remaining 1 cup sugar until blended. Add the salt and stir in the undiluted evaporated milk and the rum. Mix well and pour over the caramel in the loaf pan. Place the loaf pan in the baking dish with the water in the oven. Bake 11/2 hours, or until a table knife inserted into the center comes out clean. Remove the pan from the water bath and cool the custard, then chill overnight or for at least eight hours.

4. Meanwhile, prepare the oranges. Cut the orange slices crosswise into half circles. Place the sugar in water into a large heavy skillet. Cook and stir over moderate heat until golden brown. Add the oranges to the hot caramel. If the caramel steaks, stirring a bit more water. Sprinkle with the rum and cool mixture.

5. To turn out the flan, loosen around the edges with a thin bladed knife, invert a platter over the pan, and invert it quickly, so as not to lose any of the Carmel; lift off the loaf pan.