Make dulce de leche. Place the unopened can of sweet condensed milk in a high pot, cover with water (2 inches over the lid) and bring to a boil. Reduce heat to get a gentle simmer. Simmer 2 hours, flip and simmer one more hour and a half. Let the can completely cool before opening it.

Coarsely chop walnuts and place them in a small bowl.

Pour water in a cup/small bowl, add sugar, salt and rum. Mix until sugar and salt are completely dissolved.

Place flour in a bowl and gradually pour in the water mixture. Work with your hands until completely absorbed. You will get a soft dough.

Let rest 5 minutes.

Form small or medium balls of dough. Press them between your hands to form patties. Also, you may place the balls between two plastic papers (or kitchen plastic bags, opened), and roll out the dough with a rolling pan.

Cut out the dough with a round cutter/cup/glass. This way you get nice, neat shapes.

Heat ½ cup of frying oil in a skillet (1 minute).

Fry the arepas 3-5 minutes per side, until golden.

Remove and place them over kitchen paper to absorb excess oil.

Use a towel to handle hot arepas and cut them in half, horizontally.

Fill them with dulce de leche and dip the edges in the chopped walnuts.

Serve hot.