Preheat oven to 350 degrees F. Grease and flour a Bundt*** pan; set aside.
Beat together oil, sugar, eggs, discard and extract with a handheld mixer until smooth.
Whisk together flour, baking soda, salt, and cocoa powder; add to oil mixture and beat with mixer for 2 minutes.
Pour batter into prepared pan. Bake until a wooden pick inserted into center of cake comes out clean (about 45 minutes).
Let cake cool in pan 15 minutes on a wire rack. Invert cake onto cake plate to let cool.
Meanwhile, prepare Icing by combining butter, cocoa powder, and milk in a medium-size saucepan; cook over medium heat until butter melts. Remove from heat; add powdered sugar and vanilla. Beat until smooth. Drizzle over warm cake.