Do not half this recipe!!! I have always loved restaurant coconut rice, but never knew how to make it at home. This is the first recipe that let me make rice with nice, separated grains, still firm, but adherent to each other. No gloppy mess here. I use high quality Basmati rice, which I also think helps. I have also made this recipe with all water, no coconut milk, and it's excellent. The coconut flavor is very mild, just a hint, really, so don't be shy.
minimally adapted from Epicurious
2 cups long-grain rice
1 tablespoon unsalted butter
1 (13- to 14-oz) can unsweetened coconut milk
1 cup water
1/4 teaspoon salt
Rinse rice in a sieve under cold running water 2 to 3 minutes, then drain well (In fits of laziness, skip this step).
Melt butter in a 2- to 3-quart saucepan over moderately high heat. Add rice and cook, stirring constantly, until it becomes opaque, about 3 minutes.
Stir in coconut milk, water, and salt and bring to a boil.
Reduce heat to low and simmer, covered, 20 minutes, then remove from heat and let stand, covered, 5 minutes. Fluff rice with a fork.