The very massive star, Eta Carinae, is enshrouded in an unusual complex of stellar ejecta, which is highly depleted in C and O, and enriched in He and N. This circumstellar gas gives rise to distinct absorption components corresponding to at least 20 different velocities along the line-of-sight. The velocity component at -513 kms-1 exhibits very low ionization with predominantly neutral species of iron-peak elements. Our statistical equilibrium/photoionization modeling indicates that the low temperature (T = 760 K) and high density (n_H=10^7 cm^-3) of the -513 kms-1 component is conducive to molecule formation including those with the elements C and O. Examination of echelle spectra obtained with the Space Telescope Imaging Spectrograph (STIS) aboard the confirms the models predictions. The molecules, H_2, CH, and most likely OH, have been identified in the -513 kms-1 absorption spectrum. This paper presents the analysis of the HST/STIS spectra with the deduced column densities for CH, OH and C I, and upper limit for CO. It is quite extraordinary to see molecular species in a cool environment at such a high velocity. The sharp molecular and ionic absorptions in this extensively CNO- processed material offers us a unique environment for studying the chemistry, dust formation processes, and nucleosynthesis in the ejected layers of a highly evolved massive star.