Combine first 4 ingredients in small saucepan. Bring to a boil over medium high heat, stirring constantly. Cool completely.
Preheat oven to 350°F.
To prepare cake:.
Drizzle oil into 12 cup bundt pan, coat pan thoroughly with pastry brush. Sprinkle with 2 TBSP flour, shaking out excess. Coat prepared pan with cooking spray.
Place 11/2 cups granulated sugar and 6 TBSP butter in large bowl; beat with a mixer at medium speed until well blended about 5 minutes. Add eggs and egg white one at a time, beating well after each addition. Beat in vanilla.
Lightly spoon 3 cups flour into dry measuring cups; level off with knife. Combine 3 cups flour with next 4 ingredients (through salt), stirring with a whisk. Add flour mixture and milk alternately to sugar mixture, beginning and ending with flour mixture; mix after each addition. Beat 2 minutes. Fold in chips. Spoon batter into prepared pan, swirl batter with a knife.
Bake at 350°F for 45 minutes or until wooden pick inserted in center comes out clean. Immediately pour glaze over cake Cool cake on wire rack for 30 minutes. Invert cake onto serbving plate and sprinkle with 2 TBSP powdered sugar.