HOUSTON, Jan 23 (Reuters) - A World Bank arbitration

tribunal has dismissed a request by Venezuela to annul a $8.37

billion arbitration award to U.S. oil producer ConocoPhillips ( COP )

for the expropriation of its assets in the South

American country.

The decision by the International Centre for Settlement of

Investment Disputes (ICSID), seen by Reuters on Thursday, was

communicated to the parties in the case this week, according to

ICSID's webpage.