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That hose is part of the PCV system for evacuating blow-by gas from the crankcase. It may have been removed if the engine had a turbo installed as this would cause problems when the manifold becomes pressurized. If your running the motor N/A replace the hose and PCV valve and connect the other end of the hose to the "black box" on the back of the block as previously stated. This should restore normal function to the PCV system.
Thanks. I am running N/A. The previous owner did not run a turbo. The black box is currently sealed with a bolt as well. I've read up on ventilation but there are just too much debate going on. Should I put in a catch can?
For a stock application? lolno, a catch can would be a comical waste of money. Unless you live somewhere that requires it for emissions, just don't worry about it.
The debate is basically back and forth between people saying "it's OEM, leave it alone" and people (like me) saying "you don't need it, don't worry about it." It's a piece of emissions hardware. While it does help the engine decrease emissions, it isn't necessary for the health of the motor.