April 9 (Bloomberg) -- Gulf Finance House E.C., Bahrain's largest investment bank by market value, plans to build a $10 billion business park for energy companies in Kazakhstan, holder of 3.3 percent of the world's oil.

The bank signed an agreement today in the Kazakh capital Astana with state holding companies Kazyna and Samruk and consultants PFC Energy International, Kazyna said in an e-mailed statement. The so-called Energy City will be built in Aktau, the country's largest port on the Caspian sea, the statement said.

Kazakhstan plans to double oil output to 2.6 million barrels a day by 2015, led by internationally run projects such as Eni SpA's Kashagan field, the world's biggest oil discovery in 30 years. Exxon Mobil Corp., Chevron Corp., BG Group Plc, OAO Lukoil and China National Petroleum Corp. all operate in the country.

The Energy City project will be ``implemented'' in three to five years, Gulf Finance House Chairman Esam Janahi said in a statement posted today on the Kazakh president's Web site. Janahi met President Nursultan Nazarbayev in Astana.

Gulf Finance, which complies with Muslim Shariah law's ban on interest payments, has similar projects in India, Libya and Qatar.

To contact the reporter on this story: Nariman Gizitdinov in Almaty, through the Moscow newsroom at ngizitdinov@bloomberg.net

Last Updated: April 9, 2008 07:42 EDT