AFTER pulling out of 12 joint ventures in Shunde, Guangdong province, Shell Electric Mfg (Holdings) Co is to revise the terms of another joint-venture agreement it struck with the Shunde city government two weeks ago. Shell's withdrawal from the ventures has aroused concern by foreign investors seeking to move into China. It has also led to a row between Shell and its mainland partner in the ventures. Despite that, Shell said it would take up a larger project in the city - building and operating the 40-kilometre Shunde-Panyu highway. The company said yesterday 'friendly discussions' had been held with the municipal government in the change of terms of its participation in the highway project. The duration of the co-operative joint venture would be extended from 10 years to 15 years. The schedule and rate of Shell's share of returns were also revised. Instead of earning the returns in two phases, it would now be in three phases. The returns in the first stage will be 12 per cent a year instead of nine per cent, followed by 14.5 per cent instead of 11 per cent in the second and third phases. Shell also raised the reference prime rate to 8.5 per cent from 7.75.