Difficult to tell from the snippet and maybe there is a valve handle missing, but it looks like a manual choke valve to me. the SP/062 tag should tell you??
This looks like a small bore bypass of an ESD valve intended to pressurise or de-pressurise after an ESD trip, hence the control valve, and in the event the bypass over pressures again the actuated 2" valve will close again to protect the D/S system
As drawn I suspect the manual handle has simply either become one of the lines or is missing.
You really should have a key drawing available which tells you or you can get the info from the tag number.
Remember - More details = better answers
Also: If you get a response it's polite to respond to it.
SP / 062 is a manual choke valve shown upside down - this arrangement is for startup operations to pressure unpack the upstream section as suggested earlier.