Managing director of the National Iranian Oil Company (NIOC) says the country will see the second JCPOA take shape in the oil and gas industry after the sanctions removal. Addressing a breakfast meeting with senior executives from Iranian energy companies on Sunday, Roknoddin Javadi said once the sanctions are removed, sound management of the countrys resources will be key in materialization of the industrys objectives. He said Rouhani administration has been trying hard in the past two years to run the countrys economy properly despite the sliding oil prices in the global markets. He called on the energy sectors decision makers and managers to close ranks to make the best out of the available resources in the post-sanctions setting. Javadi forbid the managers from joining political groupings and remain focused on their plans. He also expressed hope that the newly introduced Iran Petroleum Contract (IPC) will attract leading energy companies to the country by the time the sanctions are lifted by mid-2016. IPC is replacing buyback deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces. But under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output. In the wake of nuclear deal reached last July, Iran has been receiving high-ranking officials and corporate executives of major companies including from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures. Iran is pitching 70 oil and natural gas projects valued at $30 billion to foreign investors under IPC as the Persian Gulf country prepares for the end of sanctions that have stifled its energy production.