A separating valve for discharging the liquid phase of a pressurized two-phase fluid, said separating valve comprising a seating fixed in a wall of a chamber suitable for receiving the liquid phase with a port leading to an exhaust space and a valve member displaceable between closing and opening positions along a path defined by guide means, and adapted to block the port in the closing position, means responsive to the liquid phase level in the chamber governing the opening of the valve member, wherein the guide means comprises a tubular sleeve projecting from a flat face of the seating and coaxial with the port, and the valve member comprises a shank adapted for movement with sliding clearance in the sleeve, and directed toward the face of the seating, a flat plate from which projects a centred valve needle of truncated conical shape, the means responsive to the liquid phase level comprising a closed float at the end of a first arm of a lever whose second arm ends in a cam engaging in an annular neck of the shank of the valve member, and passing through a longitudinal slot formed in the sleeve in a plane passing through the axis of said sleeve, the valve member together with the sleeve and the seating thus defining an annular space communicating with the chamber by a plurality of passageways which open into the periphery of the annular space in line with the flat face, said plurality of passageways comprising on the one hand an extension of the longitudinal slot and on the other hand two bores diametrically aligned on an axis perpendicular to the plane of the slot and tangentially oriented with respect to the flat face of the seating, said bores extending from the outside to the inside of the sleeve, while stopping short at a distance from the port.