The P&ID describes a chemical reactor in which A reacts with B.

LC1 in a Level Controller for the pressure vessel that contains the reactant A.
PC1 is the Pressure Control which controls the pressure of the vessel containing
reactant B.
M1 motor feeds the reactant A to the reactor. The process line contains a control
valve V1 and a Flow controller FC1. The valve can be controlled according to the
flow rate decided by the flow controller.
The reactant B is feed to the reactor. The feed line consists of a control valve V2 and
the Flow controller FC2.
M2 is an agitator (motor that moves it) that homogenizes the reacting mixture.
LC2 and TC1 are level and temperature controllers of the chemical reactor
respectively.
The gaseous product of the reaction is sent to the scrubber after cooling down using
the Cooling water (CW) controlled by the valve V7. The flow of the gaseous products
to the scrubber is controlled by valve V6. TC2 is a Temperature controller that
checks the temperature of the cooled gaseous product.
AB is a gaseous product BAB is a liquid product. The liquid product flow is controlled
by the valve V3. The liquid product is pumped to the storage vessel by a pump M3
and controlled by the valve V4.
The level controller LC3 controls the level of liquid product BAB.
LC4 controls the level in the scrubber.
Product AB is pumped out using the pump M4 and flow is controlled using a control
valve V8.