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1
Saute the onions in a bit of olive oil with a pinch of salt until they are golden.
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2
Add the garlic, bay leaves and red peppers and continue to saute until the peppers soften.
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3
Add the tomatoes and pimenton and simmer for 10 minutes.
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4
Add the white wine and simmer for a few moments, then add the rice, stock, saffron (with its soaking water) and the octopus. Stir,add a bit of salt, bring to a boil, stir once more and then cover and turn the heat down to low.
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5
After about 20 minutes, the rice should be getting close to done. Check it, and if it is nearly done, stir in the almonds and parsley and continue cooking, uncovered, until the rice is done and the dish has a thick, wet, but not soupy consistency. Correct the seasoning and let sit, covered, for about 10 minutes before serving.
