A spool valve is movably provided in a valve sliding space of a valve casing. The spool valve has a through-hole formed in the inside thereof, and a communication port formed in the spool valve is operatively communicated with a fluid port for controlling an opening area of the fluid port by moving within the valve sliding space. Multiple circular oil grooves are formed at an outer peripheral surface of the spool valve, into which high pressure fluid is supplied so that the spool valve can be smoothly moved in the valve sliding space.