Score fat on roast in a diamond design. Rub salt and pepper into scored slits and over entire surface of roast. Place roast, fat side up, on a rack in a shallow roasting pan. Insert meat thermometer into thickest part of roast, making sure it does not touch fat or bone. Bake at 325° for 1 hour 45 minutes.
Combine apricot nectar and remaining ingredients in a saucepan; cook over medium heat, stirring constantly, until mixture is thickened and bubbly. Remove from heat. Reserve 1/2 cup apricot mixture for sauce. Baste roast with remaining apricot mixture. Bake an additional 30 minutes or until meat thermometer registers 160°. Remove roast to a serving platter, reserving 3 T. drippings. Set roast aside and keep warm.
Combine reserved apricot mixture and drippings in a medium saucepan; stir well. Cook over medium heat, stirring constantly until sauce is thoroughly heated. Serve roast with sauce.