Gazprom downgraded

Gazprom was downgraded Thursday to “sell” from “hold” by ING as the company may have to lower prices on increased competition from U.S. shale gas and liquefied natural gas.

Gazprom is facing growing competition from increasing global LNG infrastructure and production from unconventional sources such as shale rock in the United States and coal-bed methane in Australia, said Igor Kurinnyy, a London-based analyst at ING.