Preheat oven to 180C. Coat one 12-cup, fluted ring tin with cooking spray.
Combine flour, cocoa, bicarb soda, baking powder and salt.
In a large bowl combine condensed milk, oil, brown sugar, eggs and egg white; mix well. Stir flour mixture into milk mixture just until moistened. Gradually add water. Stir in chocolate chips. Pour batter into prepared pan.
Bake for 35 to 40 minutes, or until inserted toothpick comes out clean. Cool cake in pan for 10 minutes. Remove from pan, and top with icing.
Delicious! I skipped the sugar, and found the condensed milk to be enough sweetness, reduced the grape seed oil to 3 tablespoons and used 4 whole eggs instead of 3 plus an egg white. Split between 2 cake tins it cooked very quickly at 160c fan forced, about 15 mins. Watch the top doesn't burn. - 07 Jul 2014