Abstract: An inner valve comprises a stem having one fixed inner valve part and one or more inner valve parts which upon rotation of the stem are axially movable relative to the fixed part so as to provide a port of continuously variable area. The stem, with its inner valve parts, is also axially movable. The inner valve may be used in different types of control valves such as a two- or three-way valve for feeding hot or cold fluid to a heat exchanger.